The stock of MARIANA RESOURCES LTD (CVE:MARL) gapped up by $0.06 today and has $3.11 target or 147.00% above today’s $1.26 share price. The 5 months technical chart setup indicates low risk for the $146.47M company. The gap was reported on Nov, 18 by Barchart.com. If the $3.11 price target is reached, the company will be worth $215.31M 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 18,700 shares traded hands. MARIANA RESOURCES LTD (CVE:MARL) has risen 6.00% since October 19, 2016 and is uptrending. It has outperformed by 1.57% the S&P500.
More notable recent MARIANA RESOURCES LTD (CVE:MARL) news were published by: Globenewswire.com which released: “Mariana Resources Ltd : Renewed Argentinean Focus” on August 24, 2016, also Globenewswire.com with their article: “Mariana Resources Ltd : Issue of Equity Option Exercise” published on September 09, 2016, Globenewswire.com published: “Mariana Resources Ltd: Mariana Commences Trading on the TSXV Today” on July 26, 2016. More interesting news about MARIANA RESOURCES LTD (CVE:MARL) were released by: Globenewswire.com and their article: “Mariana Resources Ltd : Appointment of New Non Executive Directors” published on July 06, 2016 as well as Globenewswire.com‘s news article titled: “Mariana Resources Ltd : Mariana Enters Agreement to Acquire 80% of AwalÃ© …” with publication date: October 07, 2016.
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