After Today’s Gap Down, Is Silver Wheaton Corp.’s Near-Term Analysis Negative?

 After Today's Gap Down, Is Silver Wheaton Corp.'s Near Term Analysis Negative?

The stock of Silver Wheaton Corp. (TSE:SLW) gapped down by $0.22 today and has $22.85 target or 6.00% below today’s $24.31 share price. The 5 months technical chart setup indicates high risk for the $10.93B company. The gap down was reported on Nov, 23 by Barchart.com. If the $22.85 price target is reached, the company will be worth $655.80M 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 629,016 shares traded hands. Silver Wheaton Corp. (TSE:SLW) has risen 9.87% since April 19, 2016 and is uptrending. It has outperformed by 4.54% the S&P500.

Silver Wheaton Corp. (TSE:SLW) Ratings Coverage

Out of 4 analysts covering Silver Wheaton Corp. (TSE:SLW), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $45 is the highest target while $19 is the lowest. The $34.17 average target is 40.56% above today’s ($24.31) stock price. Silver Wheaton Corp. has been the topic of 13 analyst reports since August 13, 2015 according to StockzIntelligence Inc. Scotia Capital maintained it with “Outperform” rating and $35 target price in Friday, November 11 report. As per Thursday, February 4, the company rating was initiated by JP Morgan.

More notable recent Silver Wheaton Corp. (TSE:SLW) news were published by: Fool.com which released: “Better Buy: Silver Wheaton Corp. vs. Hecla Mining” on November 11, 2016, also Fool.ca with their article: “Why Silver Wheaton Corp. Is a Great Investment” published on November 21, 2016, Fool.com published: “When Will Silver Wheaton Corp. Split Its Stock?” on October 26, 2016. More interesting news about Silver Wheaton Corp. (TSE:SLW) were released by: Fool.com and their article: “Here’s the 1 Number Silver Wheaton Corp. Investors Want to See This Week” published on November 07, 2016 as well as Nasdaq.com‘s news article titled: “Silver Wheaton Corp (SLW) Ex-Dividend Date Scheduled for November 21, 2016” with publication date: November 18, 2016.

Silver Wheaton Corp. is a mining company. The company has a market cap of $10.93 billion. The Firm is a pure precious metals streaming firm engaged in the sale of silver and gold. It has a 2198.01 P/E ratio. It has entered into over 19 long-term purchase agreements and approximately two early deposit long-term purchase agreement associated with silver and gold, relating to over 30 different mining assets, whereby Silver Wheaton acquires silver and gold production at various mines.

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