What’s Condor Petroleum Inc Upside After Today’s Gap Up?

 What's Condor Petroleum Inc Upside After Today's Gap Up?

The stock of Condor Petroleum Inc (TSE:CPI) gapped up by $0.03 today and has $2.99 target or 46.00% above today’s $2.05 share price. The 5 months technical chart setup indicates low risk for the $507.04 million company. The gap was reported on Nov, 17 by Barchart.com. If the $2.99 price target is reached, the company will be worth $233.24 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 23,225 shares traded hands. Condor Petroleum Inc (TSE:CPI) has risen 90.48% since April 13, 2016 and is uptrending. It has outperformed by 85.85% the S&P500.

More recent Condor Petroleum Inc (TSE:CPI) news were published by: Worldoil.com which released: “Condor Petroleum announces drilling results of Poyraz-3 in Turkey” on October 31, 2016. Also Worldoil.com published the news titled: “Condor Petroleum to begin production at Shoba oil field in Kazakhstan” on September 09, 2016. Worldoil.com‘s news article titled: “Condor Petroleum to acquire Marsa Energy” with publication date: January 08, 2016 was also an interesting one.

Condor Petroleum Inc. is an oil and gas firm engaged in exploration and production activities in Kazakhstan. The company has a market cap of $507.04 million. The Company, through its subsidiary, Falcon Oil & Gas Ltd. It currently has negative earnings. LLP, owns interest in and operates the Zharkamys West 1 territory, which is approximately 3,780 square kilometers exploration property located in the Pre-Caspian Basin in Kazakhstan.

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