The stock of Orezone Gold Corp (CVE:ORE) gapped down by $0.01 today and has $0.53 target or 12.00% below today’s $0.60 share price. The 9 months technical chart setup indicates high risk for the $93.91M company. The gap down was reported on Nov, 17 by Barchart.com. If the $0.53 price target is reached, the company will be worth $11.27M 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 146,335 shares traded hands. Orezone Gold Corp (CVE:ORE) has risen 6.00% since October 18, 2016 and is uptrending. It has outperformed by 1.38% the S&P500.
More news for Orezone Gold Corp (CVE:ORE) were recently published by: Business.Financialpost.com, which released: “Analysts slash Orezone Gold ratings following Monday’s resource bombshell” on August 23, 2016. Marketwired.com‘s article titled: “Sun Valley Gold LLC: Control and Direction Over Securities of Orezone Gold …” and published on November 01, 2016 is yet another important article.
Orezone Gold Corporation is a Canada development-stage company. The company has a market cap of $93.91 million. The Firm is engaged in the exploration and development of gold properties in Burkina Faso, West Africa. It currently has negative earnings. The Firm operates through the acquisition, exploration and potential development of precious metal properties segment.
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