A Reversal for Nevada Exploration Inc. Is Not Near. The Stock Gaps Down

 A Reversal for Nevada Exploration Inc. Is Not Near. The Stock Gaps Down

The stock of Nevada Exploration Inc. (CVE:NGE) gapped down by $0.005 today and has $0.32 target or 4.00% below today’s $0.34 share price. The 8 months technical chart setup indicates high risk for the $14.88M company. The gap down was reported on Nov, 23 by Barchart.com. If the $0.32 price target is reached, the company will be worth $595,200 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 64,457 shares traded hands or 50.31% up from the average. Nevada Exploration Inc. (CVE:NGE) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.

More important recent Nevada Exploration Inc. (CVE:NGE) news were published by: Investingnews.com which released: “Nevada Exploration Inc. Announces Closing of Oversubscribed Financing” on July 12, 2016, also Juniorminingnetwork.com published article titled: “Nevada Exploration Inc. Letter to Shareholders”, Marketwired.com published: “Nevada Exploration Inc. Completes Commissioning of Its Scorpion Drill Rig to …” on October 31, 2016. More interesting news about Nevada Exploration Inc. (CVE:NGE) was released by: Marketwatch.com and their article: “Phase 1 Drill Results from Bravada’s Quito Project, Nevada” with publication date: November 23, 2016.

Nevada Exploration Inc. is in the business of acquiring and exploring mineral properties. The company has a market cap of $14.88 million. The Firm is engaged in gold exploration in Nevada, the United States. It currently has negative earnings. The Company’s properties include Grass Valley , South Grass Valley (SGV), Kelly Creek (KC), Hot Pot (HP) and Awakening (AW).

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