The stock of CONTINENTAL GOLD INC (TSE:CNL) gapped up by $0.26 today and has $4.08 target or 6.00% above today’s $3.85 share price. The 6 months technical chart setup indicates low risk for the $474.46M company. The gap was reported on Dec, 1 by Barchart.com. If the $4.08 price target is reached, the company will be worth $28.47 million 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 2.09M shares traded hands or 375.73% 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. Continental Gold Limited has been the topic of 10 analyst reports since August 24, 2015 according to StockzIntelligence Inc. As per Thursday, August 18, the company rating was maintained by Dundee Securities. Dundee Securities reinitiated CONTINENTAL GOLD INC (TSE:CNL) rating on Thursday, February 4. Dundee Securities has “Buy” rating and $3.40 price target. The firm has “Sector Perform” rating given on Wednesday, June 29 by Scotia Capital.
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: Seekingalpha.com and their article: “Continental Gold: A Treasure Hidden In The Colombian Jungle” with publication date: October 13, 2015.
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