The stock of Pure Gold Mining Inc (CVE:PGM) gapped down by $0.005 today and has $0.43 target or 8.00% below today’s $0.47 share price. The 6 months technical chart setup indicates high risk for the $78.68M company. The gap down was reported on Nov, 23 by Barchart.com. If the $0.43 price target is reached, the company will be worth $6.29 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 300,256 shares traded hands. Pure Gold Mining Inc (CVE:PGM) has risen 6.00% since October 24, 2016 and is uptrending. It has outperformed by 0.67% the S&P500.
More recent Pure Gold Mining Inc (CVE:PGM) news were published by: Seekingalpha.com which released: “Insiders Are Buying Pure Gold Mining: Should You?” on October 21, 2016. Also Mining.com published the news titled: “Vancouver junior off to the races on Red Lake drilling” on April 04, 2016. Marketwired.com‘s news article titled: “Pure Gold Announces Agreement to Sell Non-Core Assets to Premier Gold for $5 …” with publication date: December 02, 2015 was also an interesting one.
Pure Gold Mining Inc., formerly Laurentian Goldfields Ltd., is a gold-focused exploration and development company, which is engaged in the acquisition, exploration and development of mineral properties or interests in companies controlling mineral properties. The company has a market cap of $78.68 million. The Firm is focused on discovering mineralization on its property, the Madsen Gold Project, which is located in Red Lake greenstone belt. It currently has negative earnings. The Madsen Gold Project property is host to approximately three past-producing mines, existing mine infrastructure, Mineral Resources, and multiple prospective exploration targets in a geological setting analogous to other high grade discoveries in the Red Lake District.
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