What Next for Griffin Mining Ltd After Today’s Gap Up?

 What Next for Griffin Mining Ltd After Today's Gap Up?

The stock of Griffin Mining Ltd (LON:GFM) gapped up by GBX 0.15 today and has GBX 58.32 target or 7.00% above today’s GBX 54.50 share price. The 5 months technical chart setup indicates low risk for the GBX 92.90 million company. The gap was reported on Nov, 30 by Barchart.com. If the GBX 58.32 price target is reached, the company will be worth GBX 6.50M 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%. The stock increased 0.23% or GBX 0.12 on November 30, hitting GBX 54.5. About 280,700 shares traded hands or 43.96% up from the average. Griffin Mining Ltd (LON:GFM) has risen 90.39% since May 3, 2016 and is uptrending. It has outperformed by 85.17% the S&P500.

Griffin Mining Ltd (LON:GFM) Ratings Coverage

Out of 2 analysts covering Griffin Mining (LON:GFM), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. Griffin Mining has been the topic of 11 analyst reports since August 4, 2015 according to StockzIntelligence Inc. On Thursday, January 14 the stock rating was maintained by Cantor Fitzgerald with “Buy”. On Thursday, August 11 the stock rating was maintained by Cantor Fitzgerald with “Buy”. The stock of Griffin Mining Ltd (LON:GFM) earned “Buy” rating by Cantor Fitzgerald on Tuesday, January 12. As per Friday, February 26, the company rating was maintained by Cantor Fitzgerald. The firm has “Buy” rating by Cantor Fitzgerald given on Tuesday, August 4. Panmure Gordon reinitiated it with “Buy” rating and GBX 30 target price in Thursday, April 14 report. The rating was maintained by Panmure Gordon with “Buy” on Tuesday, August 4. As per Thursday, April 14, the company rating was maintained by Cantor Fitzgerald.

Griffin Mining Limited is a mining and investment company. The company has a market cap of 92.90 million GBP. The Company’s business segment is Caijiaying zinc gold mine in the People’s Republic of China. It currently has negative earnings. The Firm is engaged in exploring, expanding and developing the Caijiaying Mine.

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