The stock of MILLROCK RESOURCES INC. (CVE:MRO) gapped up by $0.005 today and has $0.76 target or 59.00% above today’s $0.48 share price. The 8 months technical chart setup indicates low risk for the $22.30 million company. The gap was reported on Nov, 16 by Barchart.com. If the $0.76 price target is reached, the company will be worth $13.16 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 45,870 shares traded hands. MILLROCK RESOURCES INC. (CVE:MRO) has risen 6.00% since October 17, 2016 and is uptrending. It has outperformed by 1.31% the S&P500.
More notable recent MILLROCK RESOURCES INC. (CVE:MRO) news were published by: Prnewswire.com which released: “Millrock Resources to Webcast at VirtualInvestorConferences.com’s OTCQX …” on September 28, 2016, also Marketwatch.com with their article: “Millrock Purchases Batamote Copper Project, Sonora, Mexico” published on November 26, 2015, Marketwired.com published: “Millrock Closes Tranche Two of Non-Brokered Private Placement” on May 31, 2016. More interesting news about MILLROCK RESOURCES INC. (CVE:MRO) were released by: Marketwired.com and their article: “Millrock and Centerra Gold Commence Exploration at Los Chinos and Los …” published on June 01, 2016 as well as Juniorminingnetwork.com‘s news article titled: “Millrock Expands Into Stewart Golden Triangle District, British Columbia” with publication date: December 14, 2015.
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