The stock of Orla Mining Ltd (CVE:OLA) gapped down by $0.02 today and has $1.28 target or 7.00% below today’s $1.38 share price. The 9 months technical chart setup indicates high risk for the $46.75M company. The gap down was reported on Nov, 29 by Barchart.com. If the $1.28 price target is reached, the company will be worth $3.27M 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 26,900 shares traded hands. Orla Mining Ltd (CVE:OLA) has risen 6.00% since October 30, 2016 and is uptrending. It has outperformed by 0.74% the S&P500.
More notable recent Orla Mining Ltd (CVE:OLA) news were published by: Marketwired.com which released: “Orla Mining Closes C$7 Million Non-Brokered Private Placement” on June 27, 2016, also Marketwired.com with their article: “Orla Mining and Pershimco Resources Announce Merger” published on September 14, 2016, Marketwired.com published: “Orla Mining Announces Closing of C$50 Million Private Placement of …” on October 14, 2016. More interesting news about Orla Mining Ltd (CVE:OLA) were released by: Marketwired.com and their article: “Orla Mining Announces Completion of Book Build for C$50 Million Private Placement” published on September 28, 2016 as well as Marketwired.com‘s news article titled: “Orla Mining Closes $30000 Private Placement Financing” with publication date: February 15, 2016.
Orla Mining Ltd., formerly Red Mile Minerals Corp., is a Canada mineral exploration firm with a gold property along the prolific Destor-Porcupine gold producing region in Ontario. The company has a market cap of $46.75 million. The Firm is engaged in exploration and development of exploration and evaluation assets. It currently has negative earnings. All of the Company’s exploration and evaluation assets are located in Canada.
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