Lundin Mining Corporation Gaps Down; Strong Momentum for Sellers

 Lundin Mining Corporation Gaps Down; Strong Momentum for Sellers

The stock of Lundin Mining Corporation (TSE:LUN) gapped down by $0.12 today and has $6.48 target or 3.00% below today’s $6.68 share price. The 7 months technical chart setup indicates high risk for the $4.84B company. The gap down was reported on Nov, 29 by Barchart.com. If the $6.48 price target is reached, the company will be worth $145.20M 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 697,686 shares traded hands. Lundin Mining Corporation (TSE:LUN) has risen 58.68% since April 25, 2016 and is uptrending. It has outperformed by 53.42% the S&P500.

Lundin Mining Corporation (TSE:LUN) Ratings Coverage

Out of 8 analysts covering Lundin Mining Corporation (TSE:LUN), 5 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 63% are positive. $8.25 is the highest target while $2.90 is the lowest. The $6.33 average target is -5.24% below today’s ($6.68) stock price. Lundin Mining Corporation has been the topic of 54 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm earned “Focus Stock” rating on Thursday, October 27 by Scotia Capital. As per Thursday, October 27, the company rating was maintained by TD Securities. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, January 22. The firm has “Outperform” rating by RBC Capital Markets given on Friday, September 2. The firm has “Focus Stock” rating by Scotia Capital given on Monday, August 29. The firm earned “Outperform” rating on Friday, July 22 by RBC Capital Markets. BMO Capital Markets initiated the shares of LUN in a report on Friday, August 21 with “Outperform” rating. The rating was downgraded by Raymond James on Friday, December 4 to “Market Perform”. Goldman Sachs upgraded the stock to “Buy” rating in Wednesday, November 16 report. Scotia Capital maintained Lundin Mining Corporation (TSE:LUN) rating on Monday, November 28. Scotia Capital has “Focus Stock” rating and $6.75 price target.

More news for Lundin Mining Corporation (TSE:LUN) were recently published by: Seekingalpha.com, which released: “Will Lundin Mining Acquire Nevsun Resources?” on November 28, 2016. Fool.ca‘s article titled: “Lundin Mining Corporation Is Back Under $4. Is This Another Buying Opportunity?” and published on November 12, 2015 is yet another important article.

Lundin Mining Corporation is a Canadian base metals mining firm with activities in Chile, Portugal, Sweden and the United States. The company has a market cap of $4.84 billion. The Firm holds equity stake in the Tenke Fungurume Mine in the Democratic Republic of Congo and in the Freeport Cobalt business, which includes a cobalt refinery located in Kokkola, Finland. It currently has negative earnings. The Company’s principal products and sources of sales are copper, nickel, zinc and lead concentrates.

LUN.TO Company Profile

Lundin Mining Corporation (Lundin Mining), incorporated on July 31, 2007, is a base metals mining firm with activities in Chile, Portugal, Sweden and the United States. In addition, the Company holds equity stake in the Tenke Fungurume Mine in the Democratic Republic of Congo (DRC) and in the Freeport Cobalt business, which includes a cobalt refinery located in Kokkola, Finland. Lundin Mining’s principal products and sources of sales are copper, nickel, zinc and lead concentrates. The Company’s operating properties include Candelaria, Eagle, Neves-Corvo, Zinkgruvan and Tenke Fungurume. The Company’s other property include Aguablanca Mine. The Company’s subsidiaries include Lundin Mining AB, Lundin Mining US Ltd., Tenke Holding Ltd. and LMC Bermuda Ltd.

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