The stock of CONTINENTAL GOLD INC (TSE:CNL) gapped up by $0.26 today and has $4.20 target or 9.00% above today’s $3.85 share price. The 7 months technical chart setup indicates low risk for the $474.46M company. The gap was reported on Dec, 1 by Barchart.com. If the $4.20 price target is reached, the company will be worth $42.70M 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%. About 1.71M shares traded hands or 289.23% up from the average. CONTINENTAL GOLD INC (TSE:CNL) has risen 30.86% since April 27, 2016 and is uptrending. It has outperformed by 24.93% the S&P500.
CONTINENTAL GOLD INC (TSE:CNL) Ratings Coverage
Out of 2 analysts covering Continental Gold Limited (TSE:CNL), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $6 is the highest target while $3.40 is the lowest. The $4.75 average target is 23.38% above today’s ($3.85) stock price. Continental Gold Limited has been the topic of 10 analyst reports since August 24, 2015 according to StockzIntelligence Inc. The stock of CONTINENTAL GOLD INC (TSE:CNL) earned “” rating by Dundee Securities on Thursday, August 18. The stock of CONTINENTAL GOLD INC (TSE:CNL) earned “Buy” rating by Dundee Securities on Thursday, February 4. Scotia Capital maintained CONTINENTAL GOLD INC (TSE:CNL) rating on Wednesday, June 29. Scotia Capital has “Sector Perform” rating and $3.75 price target.
More important recent CONTINENTAL GOLD INC (TSE:CNL) news were published by: Marketwatch.com which released: “Continental Gold Receives Environmental Permit for the Buritica Project” on November 30, 2016, also Marketwatch.com published article titled: “Continental Gold Extracts High-Grade Gold by Mechanized Long-Hole Mining at …”, Seekingalpha.com published: “What To Expect From Continental Gold In 2016” on December 03, 2015. More interesting news about CONTINENTAL GOLD INC (TSE:CNL) was released by: Marketwired.com and their article: “Continental Gold Announces $25 Million Bought Deal” with publication date: May 03, 2016.
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