Could Granite Oil Corp See a Reversal After Having a Gap Down Now?

 Could Granite Oil Corp See a Reversal After Having a Gap Down Now?

The stock of Granite Oil Corp (TSE:GXO) gapped down by $0.12 today and has $4.71 target or 3.00% below today’s $4.86 share price. The 5 months technical chart setup indicates high risk for the $156.94M company. The gap down was reported on Nov, 29 by If the $4.71 price target is reached, the company will be worth $4.71M 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 26,469 shares traded hands. Granite Oil Corp (TSE:GXO) has declined 24.05% since April 25, 2016 and is downtrending. It has underperformed by 29.31% the S&P500.

Granite Oil Corp (TSE:GXO) Ratings Coverage

Out of 4 analysts covering Granite Oil (TSE:GXO), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $10.50 is the highest target while $6.50 is the lowest. The $8.39 average target is 72.63% above today’s ($4.86) stock price. Granite Oil has been the topic of 17 analyst reports since July 21, 2015 according to StockzIntelligence Inc.

More important recent Granite Oil Corp (TSE:GXO) news were published by: which released: “Granite Oil Corp. Announces Closing of $16.5 Million Bought Deal Financing” on June 15, 2016, also published article titled: “Granite Oil Corp. Announces $15 Million Bought Deal Financing”, published: “Granite Oil Corp. Appears To Be A Bargain” on May 31, 2016. More interesting news about Granite Oil Corp (TSE:GXO) was released by: and their article: “Granite Oil Corp. Announces 2015 Year End Reserves, Operational Update and …” with publication date: March 14, 2016.

Granite Oil Corp., formerly DeeThree Exploration Ltd., is a Canada oil producer based in Calgary, Alberta with lands and activities located in southern Alberta. The company has a market cap of $156.94 million. The Firm is engaged in the exploration for and exploitation, development and production of oil and natural gas. It currently has negative earnings. The Company’s Alberta Bakken Properties are located in southern Alberta, approximately 70 kilometers south of Lethbridge.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment