The stock of OceanaGold Corporation (TSE:OGC) gapped down by $0.03 today and has $3.64 target or 6.00% below today’s $3.87 share price. The 7 months technical chart setup indicates high risk for the $2.28 billion company. The gap down was reported on Mar, 9 by Barchart.com. If the $3.64 price target is reached, the company will be worth $136.80 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%. The stock is down 2.76% or $0.11 after the news, hitting $3.87 per share. About 3.46M shares traded hands or 20.56% up from the average. OceanaGold Corporation (TSE:OGC) has risen 76.11% since July 31, 2015 and is uptrending. It has outperformed by 81.77% the S&P500.
Out of 11 analysts covering Oceanagold Corporation (TSE:OGC), 6 rate it “Buy”, 1 “Sell”, while 2 “Hold”. This means 67% are positive. Oceanagold Corporation was the topic in 18 analyst reports since July 31, 2015 according to StockzIntelligence Inc.
OceanaGold Corporation is a gold producer with assets located in New Zealand, the Philippines and the United States. The company has a market cap of $2.28 billion. The Firm operates in two divisions: New Zealand and the Philippines. It has 21.24 P/E ratio. The Firm operates approximately two open cut mines and an underground mine in New Zealand.
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