What Next for Renaissance Oil Corp After Today’s Gap Up?


The stock of Renaissance Oil Corp (CVE:ROE) gapped up by $0.005 today and has $0.71 target or 164.00% above today’s $0.27 share price. The 6 months technical chart setup indicates low risk for the $42.30M company. The gap was reported on Sep, 14 by Barchart.com. If the $0.71 price target is reached, the company will be worth $69.37 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 8.00% or $0.02 on September 13, hitting $0.27. About 476,950 shares traded hands or 40.95% up from the average. Renaissance Oil Corp (CVE:ROE) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.

Renaissance Oil Corp., formerly San Antonio Ventures Inc., is engaged in the acquisition, exploration and development of gas and oil properties. The company has a market cap of $42.30 million. The Firm is focused on developing a diversified shale gas and shale oil land portfolio in Mexico. It currently has negative earnings. It principally focuses on the investigation of gas and oil land prospects in Mexico.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Leave a Reply