Traders Are Bearish Fortuna Silver Mines Inc After Today’s Gap Down

 Traders Are Bearish Fortuna Silver Mines Inc After Today's Gap Down

The stock of Fortuna Silver Mines Inc (TSE:FVI) gapped down by $0.02 today and has $7.23 target or 9.00% below today’s $7.94 share price. The 5 months technical chart setup indicates high risk for the $1.12 billion company. The gap down was reported on Dec, 1 by Barchart.com. If the $7.23 price target is reached, the company will be worth $100.80 million 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 253,664 shares traded hands. Fortuna Silver Mines Inc (TSE:FVI) has risen 7.84% since April 27, 2016 and is uptrending. It has outperformed by 1.91% the S&P500.

Fortuna Silver Mines Inc (TSE:FVI) Ratings Coverage

Out of 2 analysts covering Fortuna Silver Mines Inc. (TSE:FVI), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $13 is the highest target while $3.60 is the lowest. The $10.27 average target is 29.35% above today’s ($7.94) stock price. Fortuna Silver Mines Inc. has been the topic of 10 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The company was upgraded on Monday, October 24 by Canaccord Genuity. On Thursday, October 8 the stock rating was upgraded by IBC to “Sector Outperformer”.

Fortuna Silver Mines Inc. is a Canada mining firm engaged in silver mining and related activities in Latin America, including exploration, extraction and processing. The company has a market cap of $1.12 billion. The Firm operates the Caylloma silver, lead, and zinc mine in southern Peru and the San Jose silver and gold mine (San Jose) in southern Mexico. It currently has negative earnings. The Company’s divisions include Corporate, Bateas and Cuzcatlan.

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