The stock of Hague and London Oil PLC (LON:HNL) gapped down by GBX 0.025 today and has GBX 6.36 target or 11.00% below today’s GBX 7.15 share price. The 7 months technical chart setup indicates high risk for the GBX 1.64M company. The gap down was reported on Nov, 18 by Barchart.com. If the GBX 6.36 price target is reached, the company will be worth GBX 180,400 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%. The stock increased 0.35% or GBX 0.03 on November 18, hitting GBX 7.15. About 211,000 shares traded hands or 168.88% up from the average. Hague and London Oil PLC (LON:HNL) has declined 25.97% since April 20, 2016 and is downtrending. It has underperformed by 30.40% the S&P500.
Hague and London Oil PLC, formerly Wessex Exploration Plc, is a United Kingdom exploration and production company. The company has a market cap of 1.64 million GBP. The Firm is principally engaged in the exploration for gas and oil. It currently has negative earnings. The Company’s segment is the exploration and future development of hydrocarbon projects, principally in the United Kingdom/Netherlands, French Guyana and the Philippines.
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