The stock of SilverCrest Metals Inc (CVE:SIL) gapped down by $0.25 today and has $1.86 target or 12.00% below today’s $2.11 share price. The 7 months technical chart setup indicates high risk for the $88.85M company. The gap down was reported on Nov, 16 by Barchart.com. If the $1.86 price target is reached, the company will be worth $10.66M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 219,056 shares traded hands or 145.95% up from the average. SilverCrest Metals Inc (CVE:SIL) has risen 6.00% since October 17, 2016 and is uptrending. It has outperformed by 1.31% the S&P500.
More notable recent SilverCrest Metals Inc (CVE:SIL) news were published by: Seekingalpha.com which released: “SilverCrest Metals Has Risen With The Price Of Silver” on May 03, 2016, also Prnewswire.com with their article: “SilverCrest Receives Underground Drilling and Bulk Sample Permit; Extensive …” published on October 20, 2016, Marketwatch.com published: “SilverCrest Announces New Discovery at Las Chispas; Varela Veins with Multiple …” on November 14, 2016. More interesting news about SilverCrest Metals Inc (CVE:SIL) were released by: Investorideas.com and their article: “#Mining News: #SilverCrest (TSXV: $SIL.V) Announces C$10 Million Bought Deal …” published on November 16, 2016 as well as Juniorminingnetwork.com‘s news article titled: “SilverCrest Metals CEO to Take Temporary Leave of Absence” with publication date: August 11, 2016.
SilverCrest Metals Inc is a Canada-based metals exploration company. The company has a market cap of $88.85 million. The Firm is engaged in acquisition and exploration of mineral property interests in Mexico. It currently has negative earnings. The Company’s projects include Primary Kimberlite Projects, Alluvial and Eluvial Projects and Tailings Re-Treatment Projects.
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