The stock of Forent Energy Ltd. (CVE:FEN) gapped up by $0.01 today and has $0.50 target or 55.00% above today’s $0.32 share price. The 8 months technical chart setup indicates low risk for the $4.36 million company. The gap was reported on Nov, 10 by Barchart.com. If the $0.50 price target is reached, the company will be worth $2.40 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%. About 50,000 shares traded hands or 25.27% up from the average. Forent Energy Ltd. (CVE:FEN) has risen 6.00% since October 11, 2016 and is uptrending. It has outperformed by 0.35% the S&P500.
More notable recent Forent Energy Ltd. (CVE:FEN) news were published by: Marketwired.com which released: “Forent Energy Ltd. Announces $4.0 Million Crude Oil Acquisition” on November 12, 2015, also Marketwired.com with their article: “Forent Energy Ltd. and Perisson Petroleum Corporation Announce Amalgamation” published on March 08, 2016, Marketwired.com published: “Forent Energy Announces Filing of 2015 Annual Financial Statements and NI 51 …” on April 30, 2015. More interesting news about Forent Energy Ltd. (CVE:FEN) were released by: Stockhouse.com and their article: “Forent Energy Announces Filing of Q2 2016 Interim Financial Statements” published on August 31, 2016 as well as Marketwired.com‘s news article titled: “Perisson Petroleum Corporation Announces Proposed Equity Financing” with publication date: September 26, 2016.
Forent Energy Ltd. is an oil and gas exploration, development and production firm with mineral rights holdings, reserves and production in Alberta, Canada. The company has a market cap of $4.36 million. The Company’s focus is the exploitation of oil reserves through development drilling on its core properties in south central Alberta: Twining, Provost and Wayne. It currently has negative earnings. The Company’s Twining Property targets production of over 200 barrels of oil equivalent per day .
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