The stock of Husky Energy Inc. (TSE:HSE) gapped down by $0.02 today and has $14.02 target or 9.00% below today’s $15.41 share price. The 8 months technical chart setup indicates high risk for the $15.39B company. The gap down was reported on Sep, 13 by Barchart.com. If the $14.02 price target is reached, the company will be worth $1.39B 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 849,137 shares traded hands or 14.11% up from the average. Husky Energy Inc. (TSE:HSE) has risen 20.71% since February 5, 2016 and is uptrending. It has outperformed by 4.22% the S&P500.
Out of 6 analysts covering Husky Energy Inc. (TSE:HSE), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. Husky Energy Inc. has been the topic of 17 analyst reports since September 15, 2015 according to StockzIntelligence Inc.
Husky Energy Inc. is an integrated energy company. The company has a market cap of $15.39 billion. The Company’s Upstream segment includes exploration, development and production of crude oil, bitumen, natural gas and natural gas liquids, and marketing of the Company’s and other producers’ crude oil, natural gas, natural gas liquids, sulfur and petroleum coke, pipeline transportation, the blending of natural gas and crude oil, and storage of crude oil, diluent and natural gas. It currently has negative earnings. Upstream activities are located primarily in Western Canada, offshore East Coast of Canada, offshore China and offshore Indonesia.
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