The stock of Energold Drilling Corp (CVE:EGD) gapped down by $0.05 today and has $0.74 target or 9.00% below today’s $0.81 share price. The 8 months technical chart setup indicates high risk for the $44.27M company. The gap down was reported on Nov, 30 by Barchart.com. If the $0.74 price target is reached, the company will be worth $3.98M 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 16,000 shares traded hands. Energold Drilling Corp (CVE:EGD) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
More recent Energold Drilling Corp (CVE:EGD) news were published by: Seekingalpha.com which released: “Energold Drilling Corp. – How To Get Indirect Exposure To The Precious Metals …” on October 12, 2015. Also Marketwired.com published the news titled: “Energold Drilling Announces Acquisition of Cros-Man Direct Underground Ltd.” on March 07, 2016. Seekingalpha.com‘s news article titled: “Energold Drilling’s (EGDFF) CEO Frederick Davidson on Q2 2016 Results …” with publication date: August 25, 2016 was also an interesting one.
Energold Drilling Corp., through its subsidiaries, provides drilling services. The company has a market cap of $44.27 million. The Firm operates through three divisions: Minerals, Manufacturing and Energy. It currently has negative earnings. The Minerals segment provides drilling services in the minerals industry for parties in North America, Mexico, the Caribbean, Central America, South America, Africa and Europe.
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