The stock of Raging River Exploration Inc (TSE:RRX) gapped down by $0.09 today and has $9.03 target or 5.00% below today’s $9.50 share price. The 9 months technical chart setup indicates high risk for the $2.15B company. The gap down was reported on Nov, 29 by Barchart.com. If the $9.03 price target is reached, the company will be worth $107.50M 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 449,063 shares traded hands. Raging River Exploration Inc (TSE:RRX) has declined 3.38% since April 25, 2016 and is downtrending. It has underperformed by 8.64% the S&P500.
Raging River Exploration Inc (TSE:RRX) Ratings Coverage
Out of 6 analysts covering Raging River Exploration (TSE:RRX), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. $14 is the highest target while $9 is the lowest. The $11.73 average target is 23.47% above today’s ($9.5) stock price. Raging River Exploration has been the topic of 20 analyst reports since August 12, 2015 according to StockzIntelligence Inc. Paradigm Research maintained Raging River Exploration Inc (TSE:RRX) rating on Wednesday, August 12. Paradigm Research has “Buy” rating and $10 price target. RBC Capital Markets maintained it with “Outperform” rating and $13 target price in Thursday, July 21 report. The firm has “Sector Perform” rating given on Wednesday, November 9 by Scotia Capital. TD Securities maintained Raging River Exploration Inc (TSE:RRX) on Wednesday, November 9 with “Buy” rating. The stock of Raging River Exploration Inc (TSE:RRX) earned “Outperform” rating by RBC Capital Markets on Thursday, February 4. The firm has “Outperform” rating given on Wednesday, November 9 by RBC Capital Markets.
More news for Raging River Exploration Inc (TSE:RRX) were recently published by: Reuters.com, which released: “BRIEF-Raging River Exploration Inc announces $58 million Dodsland Viking p…” on November 28, 2016. Benzinga.com‘s article titled: “Raging River Exploration Inc. Announces $58 Million Dodsland Viking Property …” and published on November 28, 2016 is yet another important article.
Raging River Exploration Inc is a Canada gas and oil company. The company has a market cap of $2.15 billion. The Firm is engaged in oil and natural gas production, exploitation and acquisition in the Dodsland area of southwest Saskatchewan. It has a 228.31 P/E ratio. The Company’s area of activities is located in the Viking light oil fairway at the greater Dodsland area in southwest Saskatchewan and in the Esther area of southeastern Alberta.
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