It Seems Sandspring Resources Ltd. Will Go Up. Have Big Gap Up Today
by Franklin Staff — April 29, 2016
The stock of Sandspring Resources Ltd. (CVE:SSP) gapped up by $0.01 today and has $0.78 target or 37.00% above today’s $0.57 share price. The 6 months technical chart setup indicates low risk for the $55.22M company. The gap was reported on Apr, 29 by Barchart.com. If the $0.78 price target is reached, the company will be worth $20.43M 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%. The stock is up 7.55% or $0.04 after the news, hitting $0.57 per share. About 804,705 shares traded hands or 206.33% up from the average. Sandspring Resources Ltd. (CVE:SSP) has risen 6.00% since March 30, 2016 and is uptrending. It has underperformed by 1.07% the S&P500.
Sandspring Resources Ltd. is a Canada resource exploration company. The company has a market cap of $55.22 million. The Firm is focused on the exploration for, and resource expansion of, gold and related minerals in Guyana, South America. It currently has negative earnings. The Company, through its wholly owned subsidiary ETK, Inc., is engaged in exploring and developing the Toroparu Project .
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