The stock of MARIANA RESOURCES LTD (CVE:MARL) gapped up by $0.03 today and has $1.50 target or 7.00% above today’s $1.40 share price. The 6 months technical chart setup indicates low risk for the $145.86M company. The gap was reported on Nov, 24 by Barchart.com. If the $1.50 price target is reached, the company will be worth $10.21 million 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 35,000 shares traded hands. MARIANA RESOURCES LTD (CVE:MARL) has risen 6.00% since October 25, 2016 and is uptrending. It has outperformed by 0.59% the S&P500.
More important recent MARIANA RESOURCES LTD (CVE:MARL) news were published by: Globenewswire.com which released: “Mariana Resources Ltd : Renewed Argentinean Focus” on August 24, 2016, also Globenewswire.com published article titled: “Mariana Resources Ltd : Appointment of New Non Executive Directors”, Globenewswire.com published: “Mariana Resources Ltd : Issue of Equity Option Exercise” on September 09, 2016. More interesting news about MARIANA RESOURCES LTD (CVE:MARL) was released by: Globenewswire.com and their article: “Mariana Resources Ltd: Mariana Commences Trading on the TSXV Today” with publication date: July 26, 2016.
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