The stock of Oronova Resource Corp (CVE:ONV) gapped up by $0.01 today and has $0.41 target or 9.00% above today’s $0.38 share price. The 6 months technical chart setup indicates low risk for the $6.86M company. The gap was reported on Nov, 23 by Barchart.com. If the $0.41 price target is reached, the company will be worth $617,400 more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 109,964 shares traded hands. Oronova Resource Corp (CVE:ONV) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.
More notable recent Oronova Resource Corp (CVE:ONV) news were published by: Reuters.com which released: “BRIEF-Oronova Resource Corp appoints Duncan Nightingale as CEO” on November 15, 2016, also Marketwatch.com with their article: “Oronova Resource Corp. announces change of board of directors” published on November 15, 2016, Juniorminingnetwork.com published: “Rise Resources Appoints John Anderson as Director” on August 31, 2016. More interesting news about Oronova Resource Corp (CVE:ONV) were released by: Juniorminingnetwork.com and their article: “Sandy Lake Gold Announces Management Change, Corporate Update and Grant of Options” published on October 19, 2016 as well as Juniorminingnetwork.com‘s news article titled: “Resource Capital Gold Closes $4.6 Million Private Placement” with publication date: October 14, 2016.
Oronova Resource Corp. is a Canada-based development-stage company. The company has a market cap of $6.86 million. The Company’s principal business activities include the exploration of minerals in its mineral properties. It currently has negative earnings. The Firm is engaged in exploration for gold and other metals.
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