The stock of Atalaya Mining PLC (TSE:AYM) gapped up by $0.15 today and has $2.78 target or 7.00% above today’s $2.60 share price. The 8 months technical chart setup indicates low risk for the $268.36 million company. The gap was reported on Nov, 24 by Barchart.com. If the $2.78 price target is reached, the company will be worth $18.79M 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 17,140 shares traded hands or 355.37% up from the average. Atalaya Mining PLC (TSE:AYM) has risen 31.43% since April 20, 2016 and is uptrending. It has outperformed by 26.02% the S&P500.
More recent Atalaya Mining PLC (TSE:AYM) news were published by: Marketwired.com which released: “Atalaya Mining plc: Filing of NI 43-101 Technical Report” on September 29, 2016. Also Marketwired.com published the news titled: “Atalaya Mining PLC Announces Q3 2016 Operational Update” on October 11, 2016. Marketwired.com‘s news article titled: “Atalaya Mining PLC: Updated Reserves and Resources Statement” with publication date: July 14, 2016 was also an interesting one.
Atalaya Mining PLC, formerly EMED Mining Public Limited, is a Cyprus new European copper firm focused on the re-start of production at the Rio Tinto Copper Project. The company has a market cap of $268.36 million. It comprises a number of deposits including one of the largest copper deposits in Spain and is located in the Iberian Pyrite Belt. It currently has negative earnings.
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