The stock of Komet Resources Inc (CVE:KMT) gapped down by $0.015 today and has $0.44 target or 7.00% below today’s $0.47 share price. The 6 months technical chart setup indicates high risk for the $28.23M company. The gap down was reported on Nov, 25 by Barchart.com. If the $0.44 price target is reached, the company will be worth $1.98M 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 32,500 shares traded hands. Komet Resources Inc (CVE:KMT) has risen 6.00% since October 26, 2016 and is uptrending. It has outperformed by 0.59% the S&P500.
More notable recent Komet Resources Inc (CVE:KMT) news were published by: Investingnews.com which released: “Komet Resources” on May 19, 2016, also Marketwired.com with their article: “Komet Completes a $4.7M Financing” published on July 18, 2016, Marketwired.com published: “Komet: Significant Increase in Gross Sales of Gold and Issuance of a Research …” on August 12, 2016. More interesting news about Komet Resources Inc (CVE:KMT) were released by: Investingnews.com and their article: “Eric Sprott Announces Acquisition of Securities of Metanor Resources Inc.” published on March 30, 2016 as well as Investingnews.com‘s news article titled: “Silver Spruce Resources Announces Grant of Stock Options” with publication date: September 23, 2016.
Komet Resources Inc. is a gold mining company, which is focused on exploration and production at its projects in Burkina Faso, West Africa. The company has a market cap of $28.23 million. The Company’s properties include GUIRO – BURKINA FASO and the Moussala exploration permit. It currently has negative earnings. The Moussala exploration permit is located in the Kenieba gold mining camp in the Republic of Mali, West Africa.
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