Could Major Drilling Group Int’l Inc. See a Reversal After Having a Gap Down Now?

 Could Major Drilling Group Int'l Inc. See a Reversal After Having a Gap Down Now?

The stock of Major Drilling Group Int’l Inc. (TSE:MDI) gapped down by $0.03 today and has $5.81 target or 10.00% below today’s $6.45 share price. The 6 months technical chart setup indicates high risk for the $480.99 million company. The gap down was reported on Nov, 18 by Barchart.com. If the $5.81 price target is reached, the company will be worth $48.10 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 33,130 shares traded hands. Major Drilling Group Int’l Inc. (TSE:MDI) has declined 7.97% since April 14, 2016 and is downtrending. It has underperformed by 12.40% the S&P500.

Major Drilling Group Int’l Inc. (TSE:MDI) Ratings Coverage

Out of 2 analysts covering Major Drilling Group (TSE:MDI), 1 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 50% are positive. $9 is the highest target while $6 is the lowest. The $8 average target is 24.03% above today’s ($6.45) stock price. Major Drilling Group has been the topic of 5 analyst reports since September 14, 2015 according to StockzIntelligence Inc. The rating was upgraded by TD Securities to “Buy” on Friday, June 10. The stock of Major Drilling Group Int’l Inc. (TSE:MDI) has “Sector Perform” rating given on Monday, November 30 by RBC Capital Markets.

Another recent and important Major Drilling Group Int’l Inc. (TSE:MDI) news was published by Fool.ca which published an article titled: “This Coast-to-Coast Portfolio Will Fund Your Retirement” on August 26, 2016.

Major Drilling Group International Inc. is a drilling services company. The company has a market cap of $480.99 million. The Firm is engaged in the business of contract drilling for companies primarily involved in mining and mineral exploration. It currently has negative earnings. The Firm operates through three geographical divisions, which include Canada – U.S., South and Central America, and Asia and Africa.

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