The stock of Golden Arrow Resources Corp (CVE:GRG) gapped down by $0.01 today and has $0.61 target or 7.00% below today’s $0.66 share price. The 8 months technical chart setup indicates high risk for the $59.81M company. The gap down was reported on Nov, 23 by Barchart.com. If the $0.61 price target is reached, the company will be worth $4.19M 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 398,815 shares traded hands or 51.48% up from the average. Golden Arrow Resources Corp (CVE:GRG) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.
More news for Golden Arrow Resources Corp (CVE:GRG) were recently published by: Seekingalpha.com, which released: “Betting On A Joint Venture Between Golden Arrow Resources And Silver Standard …” on May 16, 2016. Reuters.com‘s article titled: “BRIEF-Golden Arrow Resources to acquire 100 pct interest in Antofalla proj…” and published on July 11, 2016 is yet another important article.
Golden Arrow Resources Corporation is an exploration-stage company. The company has a market cap of $59.81 million. The Firm is a junior mineral exploration firm engaged in the business of acquiring, exploring and evaluating natural resource properties. It currently has negative earnings. The Company’s properties are located in Argentina and include approximately 214,000 hectares in over four provinces.
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