The stock of Oceanic Iron Ore Corp (CVE:FEO) gapped up by $0.025 today and has $0.50 target or 94.00% above today’s $0.26 share price. The 5 months technical chart setup indicates low risk for the $13.16 million company. The gap was reported on Nov, 17 by Barchart.com. If the $0.50 price target is reached, the company will be worth $12.37 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 58,200 shares traded hands or 272.84% up from the average. Oceanic Iron Ore Corp (CVE:FEO) has risen 6.00% since October 18, 2016 and is uptrending. It has outperformed by 1.38% the S&P500.
More notable recent Oceanic Iron Ore Corp (CVE:FEO) news were published by: Juniorminingnetwork.com which released: “Oceanic Iron Ore Announces Power China International Work Program” on August 25, 2016, also Marketwired.com with their article: “Oceanic Announces Closing of Private Placement” published on October 09, 2014, Marketwired.com published: “Oceanic and Power China International Group Limited Execute Agreement” on August 15, 2016. More interesting news about Oceanic Iron Ore Corp (CVE:FEO) were released by: Marketwired.com and their article: “Oceanic Announces Non- Brokered Private Placement Financing of $850000” published on August 29, 2016 as well as Marketwired.com‘s news article titled: “Oceanic Provides Corporate Update” with publication date: November 15, 2016.
Oceanic Iron Ore Corp. is a Canada exploration-stage company. The company has a market cap of $13.16 million. The Firm is engaged in the acquisition and exploration of iron ore properties in Quebec, Canada. It currently has negative earnings. The Firm is focused on the development of the Ungava Bay iron property (the Property) in Nunavik, Quebec.
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