The stock of Encana Corp (TSE:ECA) gapped down by $0.03 today and has $14.93 target or 9.00% below today’s $16.41 share price. The 8 months technical chart setup indicates high risk for the $15.90B company. The gap down was reported on Nov, 25 by Barchart.com. If the $14.93 price target is reached, the company will be worth $1.43B 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 2.55M shares traded hands. Encana Corp (TSE:ECA) has risen 84.16% since April 21, 2016 and is uptrending. It has outperformed by 78.75% the S&P500.
Encana Corp (TSE:ECA) Ratings Coverage
Out of 8 analysts covering Encana Corporation (TSE:ECA), 3 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. Encana Corporation has been the topic of 25 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital on Friday, November 4 with “Top Pick”. The firm has “Buy” rating given on Friday, November 18 by TD Securities. The firm earned “Sector Perform” rating on Tuesday, December 15 by RBC Capital Markets. The firm earned “Sector Perform” rating on Friday, July 22 by RBC Capital Markets. The firm has “Buy” rating given on Friday, August 19 by TD Securities. TD Securities maintained the shares of ECA in a report on Friday, November 4 with “Buy” rating.
More important recent Encana Corp (TSE:ECA) news were published by: Foxbusiness.com which released: “Encana Corp: It’s All About the Margins” on November 23, 2016, also Fool.com published article titled: “What Encana Corp’s CEO Wants Investors to Know About Its Growth Plan”, Fool.com published: “3 Standout Numbers From Encana Corp’s Q3 Report” on November 04, 2016. More interesting news about Encana Corp (TSE:ECA) was released by: Business.Financialpost.com and their article: “Cost cutting pays off as Encana Corp posts unexpected profit” with publication date: November 03, 2016.
Encana Corp is a Canada-based energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids . The company has a market cap of $15.90 billion. The Company’s activities also include the marketing of natural gas, oil and NGLs. It currently has negative earnings. All of its reserves and production are located in North America.
ECA.TO Company Profile
Encana Corporation, incorporated on January 1, 2006, is an energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). The Company’s activities also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America. The Firm operates through three divisions: Canadian Operations, USA Operations and Market optimization.
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