Aban Offshore Ltd Gaps Up; Strong Momentum for Buyers

The stock of Aban Offshore Ltd (NSE:ABAN) gapped up by INR 1.65 today and has INR 259.86 target or 42.00% above today’s INR 183.00 share price. The 6 months technical chart setup indicates low risk for the INR 10.67B company. The gap was reported on Apr, 12 by Barchart.com. If the INR 259.86 price target is reached, the company will be worth INR 4.48 billion 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%. The stock increased 3.19% or INR 5.65 on April 11, hitting INR 183. Aban Offshore Ltd (NSE:ABAN) has declined 21.05% since September 14, 2015 and is downtrending. It has underperformed by 26.12% the S&P500.

Aban Offshore Limited is engaged in the business of providing offshore drilling and production services. The company has a market cap of INR10.67 billion. The Company’s operating divisions include offshore oil drilling and production services, and wind power generation . It has 4.31 P/E ratio. It is also engaged in the ownership and operation of wind turbines for generation of wind power in India.

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