The stock of Journey Energy Inc (TSE:JOY) gapped up by $0.05 today and has $2.66 target or 8.00% above today’s $2.46 share price. The 7 months technical chart setup indicates low risk for the $105.65 million company. The gap was reported on Nov, 30 by Barchart.com. If the $2.66 price target is reached, the company will be worth $8.45M 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 32,200 shares traded hands or 147.98% up from the average. Journey Energy Inc (TSE:JOY) has risen 15.50% since April 26, 2016 and is uptrending. It has outperformed by 10.27% the S&P500.
More recent Journey Energy Inc (TSE:JOY) news were published by: Prnewswire.com which released: “AIMCo Announces Investment in Journey Energy Inc.” on October 07, 2016. Also Reuters.com published the news titled: “BRIEF-Journey Energy says Maple Investments has bought 16.4 mln Journey sh…” on September 19, 2016. Seekingalpha.com‘s news article titled: “Journey Energy – A Long Idea From Canada (JRNGF)” with publication date: May 12, 2015 was also an interesting one.
Journey Energy Inc is a Canada exploration and production company. The company has a market cap of $105.65 million. The Firm is engaged in the exploration, development and production of oil and natural gas in the Western Canada Sedimentary Basin. It has a 2.59 P/E ratio. The Firm is focused on conventional, oil-weighted activities in western Canada.
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