Time to Buy NovaGold Resources Inc. After Today’s Gap Up?

 Time to Buy NovaGold Resources Inc. After Today's Gap Up?

The stock of NovaGold Resources Inc. (TSE:NG) gapped up by $0.01 today and has $6.43 target or 8.00% above today’s $5.95 share price. The 6 months technical chart setup indicates low risk for the $1.87B company. The gap was reported on Nov, 25 by Barchart.com. If the $6.43 price target is reached, the company will be worth $149.60M 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 87,987 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 firm has “Neutral” rating given on Thursday, February 4 by JP Morgan. The stock of NovaGold Resources Inc. (TSE:NG) earned “Sector Perform” rating by RBC Capital Markets on Tuesday, June 28.

Novagold Resources Inc. is a mineral exploration company. The company has a market cap of $1.87 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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