Harbour Energy plc : A new downtrend
Entry price | Target | Stop-loss | Potential |
---|
GBX 159.84 |
GBX 0 |
GBX 186.2 |
+100% |
---|
The technical rebound of Premier Oil has been stopped in the last trading sessions.
REgarding its fundamentals and its peers, the company seems overvalued. It has a 2.93x EV/Sales ratio for the current year and the security is currently trading with a P/E ratio of 22.59x.
Technically, the security had a technical rebound but there is still a bearish trend in the mid and long-term. The bullish impetus has been stopped in the GBp 180 area. Then the stock started a reversal movement towards its daily moving averages and the main target will be the GBp 133.5.
To follow our scenario, investors can open a short position on Premier Oil. The target price is the GBp 133.5 (pivot point). This strategy would be invalidated if the security crosses the GBp 178.2 resistance.
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