Is Major Move Coming For Surge Energy Inc After This Gap Down?

 Is Major Move Coming For Surge Energy Inc After This Gap Down?

The stock of Surge Energy Inc (TSE:SGY) gapped down by $0.02 today and has $2.45 target or 8.00% below today’s $2.66 share price. The 8 months technical chart setup indicates high risk for the $591.00M company. The gap down was reported on Nov, 11 by If the $2.45 price target is reached, the company will be worth $47.28M 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 683,026 shares traded hands. Surge Energy Inc (TSE:SGY) has risen 33.02% since April 7, 2016 and is uptrending. It has outperformed by 26.87% the S&P500.

Surge Energy Inc (TSE:SGY) Ratings Coverage

Out of 9 analysts covering Surge Energy Inc (TSE:SGY), 5 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 56% are positive. Surge Energy Inc has been the topic of 20 analyst reports since November 10, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of SGY in a report on Wednesday, September 7 with “Sector Perform” rating. The firm has “Buy” rating by TD Securities given on Friday, July 22. The rating was initiated by IBC on Wednesday, June 15 with “Underperform”. The firm has “Sector Perform” rating by Scotia Capital given on Friday, July 22. The company was downgraded on Tuesday, January 19 by Canaccord Genuity. The company was maintained on Thursday, December 10 by RBC Capital Markets. Mackie reinitiated Surge Energy Inc (TSE:SGY) rating on Tuesday, January 12. Mackie has “Buy” rating and $3 price target.

More news for Surge Energy Inc (TSE:SGY) were recently published by:, which released: “Surge Energy Inc upgraded as active drilling pays off” on September 28, 2016.‘s article titled: “Surge Energy Is Back On Track” and published on July 25, 2016 is yet another important article.

Surge Energy Inc. is a Canada-based gas and oil exploration, development and production company. The company has a market cap of $591.00 million. The Company’s principal oil and natural gas producing properties are located in Alberta and Saskatchewan, and focused on over three core areas: Western Alberta, Southeast Alberta and Southwest Saskatchewan. It currently has negative earnings. The properties in Northern Alberta include Valhalla/Wembley, Nipisi, Windfall and Nevis.

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