The stock of Brazil Resources Inc (CVE:BRI) gapped down by $0.03 today and has $1.87 target or 5.00% below today’s $1.97 share price. The 6 months technical chart setup indicates high risk for the $232.95M company. The gap down was reported on Nov, 23 by Barchart.com. If the $1.87 price target is reached, the company will be worth $11.65 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 431,479 shares traded hands or 9.34% up from the average. Brazil Resources Inc (CVE:BRI) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.
More notable recent Brazil Resources Inc (CVE:BRI) news were published by: Marketwatch.com which released: “Brazil Resources Inc. Issues Letter to Shareholders and Reports on Company …” on January 27, 2016, also Seekingalpha.com with their article: “Brazil Resources – A Not So Junior, Junior Miner” published on October 21, 2016, Prnewswire.com published: “Brazil Resources Inc. Warrants to Begin Trading on TSX-V Under Symbol “BRI.WT”” on May 02, 2014. More interesting news about Brazil Resources Inc (CVE:BRI) were released by: Finance.Yahoo.com and their article: “Brazil Resources completes final tranche of $12.4 million private placement” published on November 15, 2016 as well as Business.Financialpost.com‘s news article titled: “Podcast: Brazil Resources’ Amir Adnani on gold, copper” with publication date: September 01, 2016.
Brazil Resources Inc. is a Canada-based mineral exploration company. The company has a market cap of $232.95 million. The Firm operates through the acquisition, exploration and development of mineral properties segment. It currently has negative earnings. It has activities in Brazil, the United States, Canada and Paraguay.
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