The stock of Algold Resources Ltd (CVE:ALG) gapped down by $0.005 today and has $0.22 target or 14.00% below today’s $0.26 share price. The 6 months technical chart setup indicates high risk for the $30.35M company. The gap down was reported on Nov, 18 by Barchart.com. If the $0.22 price target is reached, the company will be worth $4.25 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 130,000 shares traded hands. Algold Resources Ltd (CVE:ALG) has risen 6.00% since October 19, 2016 and is uptrending. It has outperformed by 1.57% the S&P500.
More news for Algold Resources Ltd (CVE:ALG) were recently published by: Investingnews.com, which released: “Algold Resources Ltd.” on January 21, 2016. Investingnews.com‘s article titled: “Algold Confirms High Grade Gold Values on Legouessi LC Prospect in Mauritania” and published on February 23, 2016 is yet another important article.
Algold Resources Ltd., formerly Kanosak Capital Venture Corporation, is a junior mineral exploration company. The company has a market cap of $30.35 million. The Firm is focused on the exploration and development of gold deposits in West Africa. It currently has negative earnings. The Company’s properties are located in Mauritania, including Kneivissat, Legouessi, and Tijirit and Akjoujt.
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