The stock of Lumina Gold Corp (CVE:LUM) gapped down by $0.03 today and has $0.63 target or 13.00% below today’s $0.72 share price. The 6 months technical chart setup indicates high risk for the $142.45 million company. The gap down was reported on Nov, 18 by Barchart.com. If the $0.63 price target is reached, the company will be worth $18.52 million 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 46,000 shares traded hands. Lumina Gold Corp (CVE:LUM) has risen 6.00% since October 19, 2016 and is uptrending. It has outperformed by 1.57% the S&P500.
More notable recent Lumina Gold Corp (CVE:LUM) news were published by: Marketwatch.com which released: “Lumina Gold Corp.” on November 01, 2016, also Marketwired.com with their article: “Lumina Completes Acquisition of Ecuador Gold and Copper Corp.” published on November 01, 2016, Juniorminingnetwork.com published: “Lumina Gold Awarded Additional Concessions in Ecuador” on November 16, 2016. More interesting news about Lumina Gold Corp (CVE:LUM) were released by: Marketwired.com and their article: “Odin Mining and Exploration Ltd. Announces Results of AGM” published on August 26, 2016 as well as Finance.Yahoo.com‘s news article titled: “Odin Announces Effective Date of EGX Acquisition and Name Change” with publication date: October 31, 2016.
Lumina Gold Corp., formerly Odin Mining and Exploration Ltd., is a precious and base metals exploration and development company. The company has a market cap of $142.45 million. The Company, through its subsidiaries, is engaged in the acquisition and development of mineral resources in Ecuador. It currently has negative earnings. The Firm holds interest in over three separate mineral titles located near Machala in southwest Ecuador, known as the Cangrejos Concessions, and over two additional mineral titles through a mining right in the contiguous properties, known as Castro Concessions.
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