The stock of VE GOLD CDI 1:1 (ASX:GDX) gapped down by $0.17 today and has $25.91 target or 8.00% below today’s $28.16 share price. The 7 months technical chart setup indicates high risk for the $ company. The gap down was reported on Dec, 1 by Barchart.com. If the $25.91 price target is reached, the company will be worth $ 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 1.47% or $0.42 on December 1, hitting $28.16. About 13,776 shares traded hands. VE GOLD CDI 1:1 (ASX:GDX) has declined 4.61% since April 22, 2016 and is downtrending. It has underperformed by 10.53% the S&P500.
Another recent and important VE GOLD CDI 1:1 (ASX:GDX) news was published by Fool.com.Au which published an article titled: “Why these 4 ASX shares sank like stones today” on November 23, 2016.