The stock of MILLROCK RESOURCES INC. (CVE:MRO) gapped up by $0.005 today and has $0.49 target or 4.00% above today’s $0.47 share price. The 5 months technical chart setup indicates low risk for the $21.59 million company. The gap was reported on Nov, 29 by Barchart.com. If the $0.49 price target is reached, the company will be worth $863,600 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 88,750 shares traded hands. MILLROCK RESOURCES INC. (CVE:MRO) has risen 6.00% since October 30, 2016 and is uptrending. It has outperformed by 0.74% the S&P500.
More recent MILLROCK RESOURCES INC. (CVE:MRO) news were published by: Marketwatch.com which released: “Millrock Purchases Batamote Copper Project, Sonora, Mexico” on November 26, 2015. Also Marketwired.com published the news titled: “Millrock Closes Tranche Two of Non-Brokered Private Placement” on May 31, 2016. Marketwired.com‘s news article titled: “Millrock and Centerra Gold Commence Exploration at Los Chinos and Los …” with publication date: June 01, 2016 was also an interesting one.
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