NovaGold Resources Inc.’s Stock Is Buy After Today’s Gap Up

 NovaGold Resources Inc.'s Stock Is Buy After Today's Gap Up

The stock of NovaGold Resources Inc. (TSE:NG) gapped up by $0.01 today and has $6.23 target or 6.00% above today’s $5.88 share price. The 8 months technical chart setup indicates low risk for the $1.85 billion company. The gap was reported on Nov, 25 by Barchart.com. If the $6.23 price target is reached, the company will be worth $111.00M 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 152,992 shares traded hands. NovaGold Resources Inc. (TSE:NG) has declined 24.74% since April 21, 2016 and is downtrending. It has underperformed by 30.15% the S&P500.

NovaGold Resources Inc. (TSE:NG) Ratings Coverage

Out of 3 analysts covering NovaGold Resources (TSE:NG), 0 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 0 are positive. NovaGold Resources has been the topic of 3 analyst reports since January 29, 2016 according to StockzIntelligence Inc. The rating was initiated by JP Morgan on Thursday, February 4 with “Neutral”. The firm has “Sector Perform” rating given on Tuesday, June 28 by RBC Capital Markets.

Novagold Resources Inc. is a mineral exploration company. The company has a market cap of $1.85 billion. The Firm is engaged in the exploration and development of mineral properties. It currently has negative earnings. The Company’s segment is involved in the exploration and development of mineral properties.

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