The stock of Storm Resources Ltd (CVE:SRX) gapped up by $0.05 today and has $5.85 target or 7.00% above today’s $5.47 share price. The 6 months technical chart setup indicates low risk for the $656.74M company. The gap was reported on Nov, 30 by Barchart.com. If the $5.85 price target is reached, the company will be worth $45.97M 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 81,038 shares traded hands. Storm Resources Ltd (CVE:SRX) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
More recent Storm Resources Ltd (CVE:SRX) news were published by: Marketwired.com which released: “Storm Resources Ltd. Announces Processing Arrangement at Umbach and Increased …” on September 07, 2016. Also Marketwired.com published the news titled: “Storm Resources Ltd. Is Pleased to Announce Its Financial and Operating …” on May 12, 2016. Marketwired.com‘s news article titled: “Storm Resources Ltd. Announces Grant of Stock Options” with publication date: December 08, 2015 was also an interesting one.
Storm Resources Ltd. is a Canada-based firm engaged in the exploration for, and the acquisition, development and production of oil, natural gas and natural gas liquids reserves in the provinces of Alberta and British Columbia. The company has a market cap of $656.74 million. The Firm focuses on exploratory and development drilling. It currently has negative earnings. The Company’s main areas of activity are located in the Umbach and Horn River Basin areas of northeast British Columbia, with minor interests in the Valhalla area of north central Alberta.
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