The stock of Avocet Mining plc (LON:AVM) gapped down by GBX 0.36 today and has GBX 53.86 target or 4.00% below today’s GBX 56.10 share price. The 6 months technical chart setup indicates high risk for the GBX 11.88M company. The gap down was reported on Nov, 30 by Barchart.com. If the GBX 53.86 price target is reached, the company will be worth GBX 475,200 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%. The stock decreased 2.00% or GBX 1.15 on November 30, hitting GBX 56.1. About 47,775 shares traded hands. Avocet Mining plc (LON:AVM) has declined 42.30% since May 3, 2016 and is downtrending. It has underperformed by 47.52% the S&P500.
More news for Avocet Mining plc (LON:AVM) were recently published by: Fool.Co.Uk, which released: “Are Petropavlovsk plc, Schroders plc and Avocet Mining plc worth buying after …” on April 28, 2016. Reuters.com‘s article titled: “Avocet Mining gets mining licence for Tri-K gold project in Guinea” and published on April 02, 2015 is yet another important article.
Avocet Mining PLC is a West African gold mining and exploration company. The company has a market cap of 11.88 million GBP. The Firm operates the Inata gold mine in Burkina Faso and has exploration projects in Burkina Faso and Guinea. It currently has negative earnings. The Company’s divisions include the UK; Burkina Faso, which includes the Inata mine, as well as exploration activity within the Belahouro license area, and Guinea, which includes the Tri-K project.
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