The stock of Novo Resources Corp (CVE:NVO) gapped up by $0.02 today and has $3.42 target or 187.00% above today’s $1.19 share price. The 8 months technical chart setup indicates low risk for the $112.59 million company. The gap was reported on Nov, 15 by Barchart.com. If the $3.42 price target is reached, the company will be worth $210.54 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 23,100 shares traded hands. Novo Resources Corp (CVE:NVO) has risen 6.00% since October 16, 2016 and is uptrending. It has outperformed by 2.07% the S&P500.
More news for Novo Resources Corp (CVE:NVO) were recently published by: Juniorminingnetwork.com, which released: “Novo Resources To Purchase Previously-Optioned Projects From Talga Resources” on August 25, 2016. Juniorminingnetwork.com‘s article titled: “Sampling Returns High Grades at Novo Resources Blue Spec Gold-Antimony Project” and published on January 21, 2016 is yet another important article.
Novo Resources Corp. is engaged in the business of evaluating, acquiring and exploring natural resource properties. The company has a market cap of $112.59 million. The Company’s exploration and evaluation assets include Beatons Creek, Grant’s Hill, PaleoPlacer, Tuscarora, Blue Spec, Talga, Two Creeks and Mt. It currently has negative earnings. Hayes.
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