The stock of NewCastle Gold Ltd (CVE:NCA) gapped down by $0.02 today and has $0.75 target or 4.00% below today’s $0.78 share price. The 5 months technical chart setup indicates high risk for the $148.81 million company. The gap down was reported on Nov, 23 by Barchart.com. If the $0.75 price target is reached, the company will be worth $5.95 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 93,000 shares traded hands. NewCastle Gold Ltd (CVE:NCA) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.
NewCastle Gold Ltd (CVE:NCA) Ratings Coverage
Out of 5 analysts covering Newcastle Gold Ltd (CVE:NCA), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $2 is the highest target while $0.30 is the lowest. The $1.08 average target is 38.46% above today’s ($0.78) stock price. Newcastle Gold Ltd has been the topic of 8 analyst reports since August 7, 2015 according to StockzIntelligence Inc. Canaccord Genuity upgraded the shares of NCA in a report on Friday, August 7 to “Hold” rating. TD Securities maintained it with “Speculative Buy” rating and $2 target price in Wednesday, November 2 report. The company was reinitiated on Tuesday, December 22 by M Partners.
NewCastle Gold Ltd., formerly Castle Mountain Mining Company Limited, is an exploration gold company. The company has a market cap of $148.81 million. The Company, through its subsidiaries, including Castle Mountain Venture, focuses on the exploration and development of gold deposits in its Permitted Castle Mountain Gold Project, which is in San Bernardino County, California, approximately 70 miles south of Las Vegas, Nevada. It currently has negative earnings. The Castle Mountain Property consists of patented lode claims, unpatented lode and millsite claims, and placer claims for an aggregate total of over 7,460 acres.
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