Could TransAlta Corporation Change Direction After Today’s Gap Up?

 Could TransAlta Corporation Change Direction After Today's Gap Up?

The stock of TransAlta Corporation (TSE:TA) gapped up by $0.26 today and has $7.80 target or 9.00% above today’s $7.16 share price. The 7 months technical chart setup indicates low risk for the $2.22 billion company. The gap was reported on Nov, 25 by Barchart.com. If the $7.80 price target is reached, the company will be worth $199.80M 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 3.61 million shares traded hands or 392.86% 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. $14 is the highest target while $5 is the lowest. The $6.89 average target is -3.77% below today’s ($7.16) stock price. TransAlta Corporation has been the topic of 23 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”. Scotia Capital maintained TransAlta Corporation (TSE:TA) rating on Thursday, August 11. Scotia Capital has “Underperform” rating and $6.50 price target. The firm earned “Sector Perform” rating on Friday, January 15 by RBC Capital Markets. TD Securities upgraded the stock to “Hold” rating in Wednesday, August 26 report. The firm has “Outperform” rating given on Monday, September 28 by National Bank Canada. IBC upgraded the stock to “Underperform” rating in Tuesday, August 25 report. The company was maintained on Thursday, July 23 by Scotia Capital. The stock of TransAlta Corporation (TSE:TA) earned “Market Perform” rating by BMO Capital Markets on Monday, August 24. National Bank Canada maintained it with “Sector Perform” rating and $8.50 target price in Thursday, January 14 report.

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 $2.22 billion. The Firm is engaged in the production and sale of electric energy. It has a 1972.45 P/E ratio. TransAlta is organized into seven divisions: Canadian Coal, U.S.

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