New Gold Inc. Could Burn Your Portfolio. Has Another Gap Down

 New Gold Inc. Could Burn Your Portfolio. Has Another Gap Down

The stock of New Gold Inc. (TSE:NGD) gapped down by $0.01 today and has $4.71 target or 6.00% below today’s $5.01 share price. The 6 months technical chart setup indicates high risk for the $2.62 billion company. The gap down was reported on Nov, 23 by Barchart.com. If the $4.71 price target is reached, the company will be worth $157.20M 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 886,096 shares traded hands. New Gold Inc. (TSE:NGD) has declined 8.76% since April 19, 2016 and is downtrending. It has underperformed by 14.09% the S&P500.

New Gold Inc. (TSE:NGD) Ratings Coverage

Out of 8 analysts covering New Gold Inc. (TSE:NGD), 2 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 25% are positive. $6 is the highest target while $3.50 is the lowest. The $4.61 average target is -7.98% below today’s ($5.01) stock price. New Gold Inc. has been the topic of 14 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The stock of New Gold Inc. (TSE:NGD) has “Sector Perform” rating given on Friday, October 30 by National Bank Canada. As per Wednesday, June 29, the company rating was maintained by RBC Capital Markets. Mackie upgraded New Gold Inc. (TSE:NGD) on Friday, August 28 to “Buy” rating. As per Tuesday, November 17, the company rating was maintained by RBC Capital Markets. The firm has “Neutral” rating given on Thursday, February 4 by JP Morgan. The company was upgraded on Tuesday, February 23 by Desjardins Securities. The company was maintained on Friday, October 7 by RBC Capital Markets. The rating was downgraded by Mackie on Thursday, October 29 to “Hold”.

New Gold Inc. is a Canada-based intermediate gold mining company. The company has a market cap of $2.62 billion. The Firm is engaged in the development and operation of mineral properties. It has a 145.3 P/E ratio. The Firm has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada.

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