The stock of Golden Reign Resources Ltd. (CVE:GRR) gapped down by $0.005 today and has $0.23 target or 11.00% below today’s $0.26 share price. The 5 months technical chart setup indicates high risk for the $43.26 million company. The gap down was reported on Nov, 16 by Barchart.com. If the $0.23 price target is reached, the company will be worth $4.76M 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 108,000 shares traded hands. Golden Reign Resources Ltd. (CVE:GRR) has risen 6.00% since October 17, 2016 and is uptrending. It has outperformed by 1.31% the S&P500.
More news for Golden Reign Resources Ltd. (CVE:GRR) were recently published by: Seekingalpha.com, which released: “Golden Reign Resources: An Undervalued Compounding Machine” on June 08, 2015. Juniorminingnetwork.com‘s article titled: “Golden Reign Resources Reports Trenching Results from San Albino-Murra Property” and published on October 19, 2016 is yet another important article.
Golden Reign Resources Ltd. is engaged in the acquisition and exploration of exploration and evaluation assets. The company has a market cap of $43.26 million. The Company’s primary exploration and evaluation asset is the San Albino-Murra Mining Concession, located in Nicaragua, which is in an advanced exploration stage. It currently has negative earnings. It focuses on acquiring, exploring and developing exploration and evaluation assets in Nicaragua.
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