Premier Gold Mines Ltd. Gaps Down; Strong Momentum for Sellers

 Premier Gold Mines Ltd. Gaps Down; Strong Momentum for Sellers

The stock of Premier Gold Mines Ltd. (TSE:PG) gapped down by $0.02 today and has $1.97 target or 9.00% below today’s $2.17 share price. The 7 months technical chart setup indicates high risk for the $436.85M company. The gap down was reported on Nov, 23 by Barchart.com. If the $1.97 price target is reached, the company will be worth $39.32M 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 514,930 shares traded hands. Premier Gold Mines Ltd. (TSE:PG) has declined 36.84% since April 19, 2016 and is downtrending. It has underperformed by 42.17% the S&P500.

Premier Gold Mines Ltd. (TSE:PG) Ratings Coverage

Out of 4 analysts covering Premier Gold Mines Ltd. (TSE:PG), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. $6 is the highest target while $3 is the lowest. The $4.42 average target is 103.69% above today’s ($2.17) stock price. Premier Gold Mines Ltd. has been the topic of 17 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Premier Gold Mines Ltd. (TSE:PG) on Thursday, October 27 with “Outperform” rating. The stock has “Outperform” rating given by Scotia Capital on Friday, June 24. Scotia Capital maintained the shares of PG in a report on Tuesday, September 20 with “Outperform” rating. The firm earned “Hold” rating on Monday, October 17 by TD Securities. The stock of Premier Gold Mines Ltd. (TSE:PG) earned “Outperform” rating by RBC Capital Markets on Wednesday, November 25. Scotia Capital maintained it with “Outperform” rating and $6 target price in Tuesday, August 30 report. On Friday, October 28 the stock rating was maintained by TD Securities with “Hold”. Premier Gold Mines Limited maintained the shares of PG in a report on Wednesday, October 19 with “Outperform” rating. Scotia Capital maintained the stock with “Outperform” rating in Thursday, June 9 report. Scotia Capital maintained Premier Gold Mines Ltd. (TSE:PG) on Friday, November 11 with “Outperform” rating.

Another recent and important Premier Gold Mines Ltd. (TSE:PG) news was published by Marketwatch.com which published an article titled: “Orion Mine Finance Announces Equity Investment in Premier Gold Mines Limited” on October 03, 2016.

Premier Gold Mines Limited is a Canada mineral exploration firm focused on exploring for and developing gold deposits within North America. The company has a market cap of $436.85 million. The principal projects in which Premier holds an interest are the Trans-Canada Property, which includes the Hardrock project and the Brookbank project; McCoy-Cove Project, Lander County, Nevada, and South Arturo Mine, Elko County, Nevada. It currently has negative earnings. The Trans-Canada Property is located in northern Ontario, Canada, approximately 200 kilometers northeast of Thunder Bay, and consists of three contiguous blocks comprising over 360 patented mining claims and 676 unpatented mining claims covering an aggregate area of over 28,550.64 hectares.

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