http://www.stockcaller.com/noront-resources-ltd-gaps-up-strong-momentum-for-buyers/15901/

Noront Resources Ltd Gaps Up; Strong Momentum for Buyers

The stock of Noront Resources Ltd (CVE:NOT) gapped up by $0.005 today and has $0.62 target or 56.00% above today’s $0.40 share price. The 7 months technical chart setup indicates low risk for the $96.43M company. The gap was reported on Feb, 24 by Barchart.com. If the $0.62 price target is reached, the company will be worth $54.00 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%. The stock increased 6.76% or $0.025 on February 23, hitting $0.395. About 160,868 shares traded hands or 42.47% up from the average. Noront Resources Ltd (CVE:NOT) has risen 6.00% since January 25, 2016 and is uptrending. It has outperformed by 14.52% the S&P500.

Noront Resources Ltd. is a Canada-based firm engaged in the development, exploration and acquisition of properties prospective in base and precious metals, including nickel, copper, platinum group elements , chromite, iron, titanium, vanadium, gold and silver. The company has a market cap of $96.43 million. The Firm is focused on the development of its 100% owned Eagle’s Nest deposit, a nickel, copper, platinum and palladium deposit located in the James Bay Lowlands of Ontario (the Eagle’s Nest Project). It currently has negative earnings. The Firm also has a development stage chromite project known as Blackbird; two nickel-copper-platinum group metal discoveries known as Eagle Two and AT-12, and an iron-vanadium-titanium discovery known as Thunderbird.