The stock of Silvercorp Metals Inc (TSE:SVM) gapped down by $0.02 today and has $2.92 target or 7.00% below today’s $3.14 share price. The 6 months technical chart setup indicates high risk for the $534.30 million company. The gap down was reported on Nov, 23 by Barchart.com. If the $2.92 price target is reached, the company will be worth $37.40 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 344,194 shares traded hands. Silvercorp Metals Inc (TSE:SVM) has risen 27.91% since April 19, 2016 and is uptrending. It has outperformed by 22.58% the S&P500.
Another recent and important Silvercorp Metals Inc (TSE:SVM) news was published by Seekingalpha.com which published an article titled: “If You Are Not Afraid China – Consider Silvercorp” on February 09, 2016.
Silvercorp Metals Inc. is a silver-producing Canadian mining company. The company has a market cap of $534.30 million. The Firm is engaged in the acquisition, exploration, development, and mining of silver-related mineral properties in China. It has a 21.18 P/E ratio. The Company’s divisions include Mining, including projects, such as Henan Luoning, Hunan, Guangdong and Other, and Administrative, which includes Beijing and Vancouver.
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