Some Traders Are Very Bullish on Eldorado Gold Corp After Today’s Gap Up

 Some Traders Are Very Bullish on Eldorado Gold Corp After Today's Gap Up

The stock of Eldorado Gold Corp (TSE:ELD) gapped up by $0.01 today and has $3.73 target or 3.00% above today’s $3.62 share price. The 7 months technical chart setup indicates low risk for the $2.57 billion company. The gap was reported on Nov, 25 by Barchart.com. If the $3.73 price target is reached, the company will be worth $77.10 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 784,415 shares traded hands. Eldorado Gold Corp (TSE:ELD) has declined 27.01% since April 21, 2016 and is downtrending. It has underperformed by 32.42% the S&P500.

Eldorado Gold Corp (TSE:ELD) Ratings Coverage

Out of 7 analysts covering Eldorado Gold Corporation (TSE:ELD), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. Eldorado Gold Corporation has been the topic of 21 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The rating was maintained by Dundee Securities on Monday, September 19 with “Neutral”. The stock has “Overweight” rating given by JP Morgan on Thursday, February 4. Goldman Sachs maintained Eldorado Gold Corp (TSE:ELD) on Thursday, August 11 with “” rating. As per Friday, October 28, the company rating was maintained by TD Securities. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, August 30 report. On Tuesday, September 22 the stock rating was upgraded by Paradigm Research to “Buy”. The stock of Eldorado Gold Corp (TSE:ELD) earned “Buy” rating by Canaccord Genuity on Monday, August 24. The firm has “Buy” rating given on Wednesday, January 13 by Canaccord Genuity.

Eldorado Gold Corporation owns and operates mines around the world, primarily gold mines but also a silver-lead-zinc mine. The company has a market cap of $2.57 billion. The Company’s activities involve all facets of the mining industry, including exploration, discovery, acquisition, financing, development, production and reclamation. It currently has negative earnings. The Company’s business is focused in Brazil, China, Greece, Turkey and Romania.

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