After Today’s Gap Up, Is Spitfire Oil Limited’s Near-Term Analysis Positive

 After Today's Gap Up, Is Spitfire Oil Limited's Near Term Analysis Positive

The stock of Spitfire Oil Limited (LON:SRO) gapped up by GBX 0.1 today and has GBX 3.92 target or 9.00% above today’s GBX 3.60 share price. The 9 months technical chart setup indicates low risk for the GBX 1.01M company. The gap was reported on Nov, 24 by Barchart.com. If the GBX 3.92 price target is reached, the company will be worth GBX 90,900 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%. The stock decreased 0.69% or GBX 0.03 on November 24, hitting GBX 3.6. Spitfire Oil Limited (LON:SRO) has 0.00% since April 26, 2016 and is . It has underperformed by 5.41% the S&P500.

Spitfire Oil Limited is a United Kingdom gas and oil company. The company has a market cap of 1.01 million GBP. The Firm is engaged in the production of fuel oil and distillate from the Salmon Gums Lignite deposits in Western Australia. It currently has negative earnings. The Company’s Salmon Gums Lignite deposit is located in Western Australia near Salmon Gums, approximately 600 kilometers south east of Perth, approximately 250 kilometers south of Kalgoorlie and the surrounding Goldfields region, and approximately 100 kilometers north of the deep water port at Esperance.

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