The stock of Point Loma Resources Ltd (CVE:PLX) gapped up by $0.02 today and has $0.36 target or 8.00% above today’s $0.33 share price. The 6 months technical chart setup indicates low risk for the $7.40M company. The gap was reported on Nov, 24 by Barchart.com. If the $0.36 price target is reached, the company will be worth $592,000 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 108,000 shares traded hands or 338.74% up from the average. Point Loma Resources Ltd (CVE:PLX) has risen 6.00% since October 25, 2016 and is uptrending. It has outperformed by 0.59% the S&P500.
More notable recent Point Loma Resources Ltd (CVE:PLX) news were published by: Marketwired.com which released: “Point Loma Resources Ltd. & Madalena Energy Inc. Announce Closing of Asset …” on June 29, 2016, also Marketwired.com with their article: “Point Loma Resources Ltd. Will Open for Trading July 5, 2016 on TSXV” published on July 04, 2016, Finance.Yahoo.com published: “Point Loma Resources Announces Closing of Brokered Private Placement and Over …” on October 26, 2016. More interesting news about Point Loma Resources Ltd (CVE:PLX) were released by: Marketwired.com and their article: “Point Loma Resources Announces Brokered Private Placement of CEE Flow-Through …” published on September 26, 2016 as well as Stockhouse.com‘s news article titled: “Point Loma Resources Ltd. Announces Shares for Services Issuances” with publication date: October 31, 2016.
Point Loma Resources Ltd, formerly First Mountain Exploration Inc, is a Canada gas and oil exploration and development company. The company has a market cap of $7.40 million. The Firm focuses on conventional gas and oil reservoirs in Central Alberta, which covers approximately 175,000 acres. It currently has negative earnings. The Firm is engaged in acquiring, drilling and developing assets for horizontal multi-stage frac technology and exploit opportunities for secondary recovery.
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