After Today’s Gap Up, Is TransAlta Corporation’s Near-Term Analysis Positive

 After Today's Gap Up, Is TransAlta Corporation's Near Term Analysis Positive

The stock of TransAlta Corporation (TSE:TA) gapped up by $0.26 today and has $7.53 target or 7.00% above today’s $7.04 share price. The 8 months technical chart setup indicates low risk for the $2.18 billion company. The gap was reported on Nov, 25 by Barchart.com. If the $7.53 price target is reached, the company will be worth $152.60M 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 2.61M shares traded hands or 256.33% up from the average. TransAlta Corporation (TSE:TA) has declined 5.30% since April 21, 2016 and is downtrending. It has underperformed by 10.70% the S&P500.

TransAlta Corporation (TSE:TA) Ratings Coverage

Out of 3 analysts covering TransAlta Corporation (TSE:TA), 0 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. TransAlta Corporation has been the topic of 22 analyst reports since July 23, 2015 according to StockzIntelligence Inc. On Friday, April 29 the stock rating was maintained by RBC Capital Markets with “Outperform”. The rating was maintained by National Bank Canada with “Sector Perform” on Thursday, January 14. The firm has “Sector Outperform” rating by Scotia Capital given on Thursday, July 23. The stock has “Market Perform” rating given by BMO Capital Markets on Monday, August 24. The stock of TransAlta Corporation (TSE:TA) has “Outperform” rating given on Monday, September 28 by National Bank Canada. On Friday, January 15 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The company was upgraded on Wednesday, August 26 by TD Securities. The stock has “Underperform” rating given by IBC on Tuesday, August 25. The stock has “Underperform” rating given by Scotia Capital on Thursday, August 11.

More recent TransAlta Corporation (TSE:TA) news were published by: Fool.ca which released: “TransAlta Corporation: Time to Buy This Stock?” on November 24, 2016. Also Business.Financialpost.com published the news titled: “TransAlta Corp’s path forward ‘is uncertain at best'” on July 19, 2016. Fool.ca‘s news article titled: “TransAlta Corporation: 3 Reasons This Turnaround Could Be Massive” with publication date: July 08, 2016 was also an interesting one.

TransAlta Corporation is a non-regulated electricity generation and energy marketing firm with an aggregate net ownership interest of approximately 8,730 megawatts of generating capacity. The company has a market cap of $2.18 billion. The Firm is engaged in the production and sale of electric energy. It has a 1939.39 P/E ratio. TransAlta is organized into seven divisions: Canadian Coal, U.S.

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