Harbour Energy plc : A new downtrend
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
GBX 159.84 | GBX 0 | GBX 186.2 | +100% |
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.