The stock of Trican Well Service Ltd (TSE:TCW) gapped down by $0.06 today and has $2.94 target or 6.00% below today’s $3.13 share price. The 8 months technical chart setup indicates high risk for the $594.27 million company. The gap down was reported on Nov, 29 by Barchart.com. If the $2.94 price target is reached, the company will be worth $35.66M 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 414,837 shares traded hands. Trican Well Service Ltd (TSE:TCW) has risen 105.59% since April 25, 2016 and is uptrending. It has outperformed by 100.33% the S&P500.
Trican Well Service Ltd (TSE:TCW) Ratings Coverage
Out of 9 analysts covering Trican Well Service Ltd. (TSE:TCW), 5 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 56% are positive. $5.5 is the highest target while $0.55 is the lowest. The $2.55 average target is -18.53% below today’s ($3.13) stock price. Trican Well Service Ltd. has been the topic of 49 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Trican Well Service Ltd (TSE:TCW) earned “Sector Perform” rating by RBC Capital Markets on Monday, October 5. As per Wednesday, January 27, the company rating was upgraded by FirstEnergy Capital. Paradigm Research upgraded Trican Well Service Ltd (TSE:TCW) on Wednesday, August 19 to “Buy” rating. TD Securities upgraded Trican Well Service Ltd (TSE:TCW) on Wednesday, January 27 to “Buy” rating. The firm has “Sell” rating given on Thursday, January 14 by PI Financial. As per Thursday, January 14, the company rating was upgraded by Raymond James. As per Monday, September 28, the company rating was upgraded by Canaccord Genuity. The stock of Trican Well Service Ltd (TSE:TCW) earned “Strong Buy” rating by Raymond James on Wednesday, January 27. The stock of Trican Well Service Ltd (TSE:TCW) earned “Sector Performer” rating by IBC on Wednesday, January 13. On Wednesday, September 23 the stock rating was downgraded by IBC to “Sector Underperformer”.
More news for Trican Well Service Ltd (TSE:TCW) were recently published by: Marketwired.com, which released: “Trican Well Service Ltd. Reports Second Quarter Results for 2016” on August 12, 2016. Marketwired.com‘s article titled: “Trican Well Service Announces Closing of $69 Million Bought Deal Financing and …” and published on June 21, 2016 is yet another important article.
Trican Well Service Ltd. is a Canada oilfield services company. The company has a market cap of $594.27 million. The Firm provides an array of specialized products, equipment, services and technology for use in the drilling, completion, stimulation and reworking of gas and oil wells in Canada, the United States, Kazakhstan, Russia and Norway, as well as limited activities in Saudi Arabia and Colombia. It currently has negative earnings. The Firm operates through three divisions: Canada, the United States and International.
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