Could Eloro Resources Ltd Change Direction After Today’s Gap Up?

 Could Eloro Resources Ltd Change Direction After Today's Gap Up?

The stock of Eloro Resources Ltd (CVE:ELO) gapped up by $0.005 today and has $0.45 target or 9.00% above today’s $0.41 share price. The 6 months technical chart setup indicates low risk for the $12.23 million company. The gap was reported on Nov, 25 by Barchart.com. If the $0.45 price target is reached, the company will be worth $1.10 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 75,000 shares traded hands or 357.88% up from the average. Eloro Resources Ltd (CVE:ELO) has risen 6.00% since October 26, 2016 and is uptrending. It has outperformed by 0.59% the S&P500.

More important recent Eloro Resources Ltd (CVE:ELO) news were published by: Marketwired.com which released: “Cartier Iron Announces Early Warning Report on Reduction of its Eloro …” on November 16, 2016, also Digitaljournal.com published article titled: “Eloro Resources Ltd. Proceeds with Phase II Exploration Program on the La …”, Marketwired.com published: “Arbitrage Exploration Inc. (formerly Blue Vista Technologies Inc.) Provides …” on January 15, 2015. More interesting news about Eloro Resources Ltd (CVE:ELO) was released by: Stockhouse.com and their article: “Early Warning Report” with publication date: October 24, 2016.

Eloro Resources Ltd. is an exploration-stage gold exploration and development company. The company has a market cap of $12.23 million. The Firm is engaged in the exploration and development of gold and base metal properties. It currently has negative earnings. The Firm operates through the segment of mineral exploration in Peru.

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