After Today’s Gap Down, Is Xtreme Drilling Corp’s Near-Term Analysis Negative?

 After Today's Gap Down, Is Xtreme Drilling Corp's Near Term Analysis Negative?

The stock of Xtreme Drilling Corp (TSE:XDC) gapped down by $0.05 today and has $2.33 target or 13.00% below today’s $2.68 share price. The 5 months technical chart setup indicates high risk for the $227.14 million company. The gap down was reported on Oct, 17 by Barchart.com. If the $2.33 price target is reached, the company will be worth $29.53 million 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 19,584 shares traded hands. Xtreme Drilling Corp (TSE:XDC) has risen 60.59% since March 10, 2016 and is uptrending. It has outperformed by 54.98% the S&P500.

Xtreme Drilling Corp (TSE:XDC) Ratings Coverage

Out of 2 analysts covering Xtreme Drilling and Coil Services Corp (TSE:XDC), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $3.75 is the highest target while $2.75 is the lowest. The $3.25 average target is 21.27% above today’s ($2.68) stock price. Xtreme Drilling and Coil Services Corp has been the topic of 2 analyst reports since October 14, 2015 according to StockzIntelligence Inc.

More important recent Xtreme Drilling Corp (TSE:XDC) news were published by: Streetinsider.com which released: “Schlumberger Ltd. (SLB) to Acquire Assets of Xtreme Drilling’s XSR Coiled …” on April 27, 2016, also Marketwired.com published article titled: “Xtreme Drilling and Coil Services Corp. Announces Name Change to Xtreme …”, Marketwired.com published: “Xtreme Drilling and Coil Services Corp. Announces Completion of Sale of XSR …” on June 23, 2016. More interesting news about Xtreme Drilling Corp (TSE:XDC) was released by: Seekingalpha.com and their article: “Xtreme Coil Drilling: Drilling Into Cash Flows During The Downturn (XTMCF)” with publication date: July 23, 2015.

Xtreme Drilling Corp, formerly Xtreme Drilling and Coil Services Corp, is a Canada firm engaged in the gas and oil drilling industry. The company has a market cap of $227.14 million. The Company’s divisions are Drilling Services, Coil Services and Corporate and Other. It currently has negative earnings. The Drilling Services segment operates a fleet of drilling rigs contracted with oil and natural gas exploration, and production companies and oilfield service providers.

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