Could PHX Energy Services Corp See a Reversal After Having a Gap Down Now?

 Could PHX Energy Services Corp See a Reversal After Having a Gap Down Now?

The stock of PHX Energy Services Corp (TSE:PHX) gapped down by $0.05 today and has $3.23 target or 11.00% below today’s $3.63 share price. The 5 months technical chart setup indicates high risk for the $180.17M company. The gap down was reported on Nov, 11 by Barchart.com. If the $3.23 price target is reached, the company will be worth $19.82 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 22,900 shares traded hands. PHX Energy Services Corp (TSE:PHX) has risen 80.49% since April 7, 2016 and is uptrending. It has outperformed by 74.34% the S&P500.

PHX Energy Services Corp (TSE:PHX) Ratings Coverage

Out of 3 analysts covering Phoenix Energy Services Corp (TSE:PHX), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. Phoenix Energy Services Corp has been the topic of 7 analyst reports since October 9, 2015 according to StockzIntelligence Inc. Scotia Capital downgraded it to “Sector Underperform” rating and $2.50 target price in Friday, October 9 report. As per Tuesday, August 30, the company rating was maintained by Scotia Capital.

More news for PHX Energy Services Corp (TSE:PHX) were recently published by: Marketwired.com, which released: “PHX Energy Services Corp. Enters Into Bought Deal Financing” on June 08, 2016. Marketwired.com‘s article titled: “PHX Energy Services Corp. Announces Officer Appointments” and published on March 17, 2015 is yet another important article.

PHX Energy Services Corp. is a Canada company, which provides horizontal and directional drilling technology and services. The company has a market cap of $180.17 million. The Firm offers its services to oil and natural gas producing companies in the Canadian provinces of Alberta, Saskatchewan, British Columbia and Manitoba; across the Gulf Coast, Northeast and Rocky Mountain regions of the United States, and internationally, primarily in Albania and Russia. It currently has negative earnings. The Company’s divisions include Canada, United States and International.

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