Traders Are Bullish MAG Silver Corp After Today’s Gap Up

 Traders Are Bullish MAG Silver Corp After Today's Gap Up

The stock of MAG Silver Corp (TSE:MAG) gapped up by $0.03 today and has $17.55 target or 7.00% above today’s $16.40 share price. The 9 months technical chart setup indicates low risk for the $1.31 billion company. The gap was reported on Nov, 22 by Barchart.com. If the $17.55 price target is reached, the company will be worth $91.70M 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 90,636 shares traded hands. MAG Silver Corp (TSE:MAG) has risen 14.09% since April 18, 2016 and is uptrending. It has outperformed by 9.54% the S&P500.

MAG Silver Corp (TSE:MAG) Ratings Coverage

Out of 2 analysts covering Mag Silver Corp (TSE:MAG), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $23.75 is the highest target while $10 is the lowest. The $16.94 average target is 3.29% above today’s ($16.4) stock price. Mag Silver Corp has been the topic of 5 analyst reports since September 1, 2015 according to StockzIntelligence Inc. TD Securities maintained the stock with “Hold” rating in Wednesday, June 29 report. The firm has “Hold” rating given on Thursday, September 22 by TD Securities.

More news for MAG Silver Corp (TSE:MAG) were recently published by: Marketwatch.com, which released: “MAG Silver Corp.” on November 09, 2010. Theglobeandmail.com‘s article titled: “The Globe and Mail” and published on November 29, 2011 is yet another important article.

MAG Silver Corp. is a mineral exploration and development company. The company has a market cap of $1.31 billion. The Firm is focused on the acquisition, exploration and development of projects located within the Mexican silver belt. It currently has negative earnings. The Firm operates through the exploration of mineral properties in Mexico segment.

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