What’s Abitibi Royalties Inc Downside After Today’s Gap Down?

 What's Abitibi Royalties Inc Downside After Today's Gap Down?

The stock of Abitibi Royalties Inc (CVE:RZZ) gapped down by $0.02 today and has $7.16 target or 13.00% below today’s $8.23 share price. The 7 months technical chart setup indicates high risk for the $90.57M company. The gap down was reported on Nov, 16 by Barchart.com. If the $7.16 price target is reached, the company will be worth $11.77M 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 2,900 shares traded hands. Abitibi Royalties Inc (CVE:RZZ) has risen 6.00% since October 17, 2016 and is uptrending. It has outperformed by 1.31% the S&P500.

More notable recent Abitibi Royalties Inc (CVE:RZZ) news were published by: Marketwired.com which released: “Abitibi Royalties Inc.: Rob McEwen to Purchase Additional 439084 Shares for …” on June 02, 2016, also Business.Financialpost.com with their article: “Abitibi Royalties Inc gets creative to find mining investment opportunities” published on June 10, 2015, Seekingalpha.com published: “Checking In On Abitibi Royalties, Golden Valley Mines” on September 21, 2016. More interesting news about Abitibi Royalties Inc (CVE:RZZ) were released by: Marketwired.com and their article: “Abitibi Royalties Completes C$60 Million Transaction on the Malartic CHL Project” published on March 20, 2015 as well as Marketwired.com‘s news article titled: “Abitibi Royalties News Release Update on Investment Portfolio” with publication date: October 19, 2016.

Abitibi Royalties Inc., together with its various subsidiaries, is involved in initial grassroots exploration projects. The company has a market cap of $90.57 million. The Firm operates through exploration and evaluation of mineral resources segment. It has a 4.35 P/E ratio. The Company’s properties include Canadian Malartic property, and Luc Bourdon and Bourdon West prospects.

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