Is Eldorado Gold Corp’s Fuel Running Low? The Stock Just Gapped Down

 Is Eldorado Gold Corp's Fuel Running Low? The Stock Just Gapped Down

The stock of Eldorado Gold Corp (TSE:ELD) gapped down by $0.08 today and has $3.32 target or 6.00% below today’s $3.53 share price. The 8 months technical chart setup indicates high risk for the $2.54B company. The gap down was reported on Nov, 23 by Barchart.com. If the $3.32 price target is reached, the company will be worth $152.40 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 1.63M shares traded hands. Eldorado Gold Corp (TSE:ELD) has declined 22.65% since April 19, 2016 and is downtrending. It has underperformed by 27.98% the S&P500.

Eldorado Gold Corp (TSE:ELD) Ratings Coverage

Out of 7 analysts covering Eldorado Gold Corporation (TSE:ELD), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $9 is the highest target while $3 is the lowest. The $6.54 average target is 85.27% above today’s ($3.53) stock price. Eldorado Gold Corporation has been the topic of 21 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Eldorado Gold Corp (TSE:ELD) has “Outperform” rating given on Tuesday, August 30 by RBC Capital Markets. The stock has “Buy” rating given by TD Securities on Friday, October 28. As per Thursday, August 11, the company rating was maintained by Goldman Sachs. The rating was maintained by Dundee Securities with “Neutral” on Monday, September 19. The rating was initiated by JP Morgan with “Overweight” on Thursday, February 4. The stock of Eldorado Gold Corp (TSE:ELD) has “Buy” rating given on Wednesday, January 13 by Canaccord Genuity. Paradigm Research upgraded Eldorado Gold Corp (TSE:ELD) rating on Tuesday, September 22. Paradigm Research has “Buy” rating and $7 price target. The firm has “Buy” rating given on Monday, August 24 by Canaccord Genuity.

Another recent and important Eldorado Gold Corp (TSE:ELD) news was published by Streetinsider.com which published an article titled: “Form 6-K ELDORADO GOLD CORP /FI For: Nov 22” on November 22, 2016.

Eldorado Gold Corporation owns and operates mines around the world, primarily gold mines but also a silver-lead-zinc mine. The company has a market cap of $2.54 billion. The Company’s activities involve all facets of the mining industry, including exploration, discovery, acquisition, financing, development, production and reclamation. It currently has negative earnings. The Company’s business is focused in Brazil, China, Greece, Turkey and Romania.

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