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.
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