Is Major Move Coming For Detour Gold Corporation After This Gap Down?

 Is Major Move Coming For Detour Gold Corporation After This Gap Down?

The stock of Detour Gold Corporation (TSE:DGC) gapped down by $0.3 today and has $15.64 target or 3.00% below today’s $16.12 share price. The 5 months technical chart setup indicates high risk for the $2.72B company. The gap down was reported on Nov, 23 by Barchart.com. If the $15.64 price target is reached, the company will be worth $81.60M 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 453,012 shares traded hands. Detour Gold Corporation (TSE:DGC) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.

Detour Gold Corporation (TSE:DGC) Ratings Coverage

Out of 12 analysts covering Detour Gold Corporation (TSE:DGC), 8 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 67% are positive. $41 is the highest target while $17 is the lowest. The $27.20 average target is 68.73% above today’s ($16.12) stock price. Detour Gold Corporation has been the topic of 35 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Detour Gold Corporation (TSE:DGC) has “Hold” rating given on Thursday, November 3 by GMP Securities. The stock of Detour Gold Corporation (TSE:DGC) has “Buy” rating given on Friday, July 29 by TD Securities. IBC downgraded the stock to “Sector Perform” rating in Thursday, November 3 report. RBC Capital Markets maintained the shares of DGC in a report on Monday, August 24 with “Outperform” rating. The company was maintained on Thursday, January 14 by RBC Capital Markets. The company was maintained on Wednesday, November 2 by RBC Capital Markets. The firm has “Buy” rating by Desjardins Securities given on Friday, July 29. National Bank Canada maintained Detour Gold Corporation (TSE:DGC) on Monday, June 27 with “Outperform” rating. As per Monday, August 10, the company rating was maintained by RBC Capital Markets. The stock has “Outperform” rating given by National Bank Canada on Friday, November 27.

More notable recent Detour Gold Corporation (TSE:DGC) news were published by: Business.Financialpost.com which released: “Detour Gold Corp plunges, downgraded because of ‘uncertainty’ and …” on November 02, 2016, also Fool.ca with their article: “Why Detour Gold Corporation Is Different From Other Gold Miners” published on November 02, 2015, Business.Financialpost.com published: “Fed hesitation drives S&P/TSX Composite index, Detour Gold Corp higher” on March 17, 2016. More interesting news about Detour Gold Corporation (TSE:DGC) were released by: Business.Financialpost.com and their article: “Goldcorp, Centerra, Detour Gold and Fortuna Silver upgraded to buy” published on October 24, 2016 as well as Theglobeandmail.com‘s news article titled: “Detour Gold: ‘The ultimate risk-reward name’ in gold miners” with publication date: November 13, 2014.

Detour Gold Corporation is a Canada intermediate gold producing company. The company has a market cap of $2.72 billion. The Firm is engaged in the acquisition, exploration, development and operation of mineral property interests. It currently has negative earnings. The Company’s primary asset is its Detour Lake mine, which is an open pit operation located in northeastern Ontario, approximately 300 kilometers northeast of Timmins and over 180 kilometers by road northeast of Cochrane.

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