What Next for Bellatrix Exploration Ltd. (BXE) After Forming Multiple Bottom Pattern?

June 16, 2018 - By Vivian Park

Bellatrix Exploration Ltd. (NYSE:BXE) Logo

The stock of Bellatrix Exploration Ltd. (BXE) shows a multiple bottoms pattern with $0.92 target or 8.00 % below today’s $1.00 share price. The 5 months chart pattern indicates high risk for the $59.55M company. It was reported on Jun, 16 by Finviz.com. If the $0.92 price target is reached, the company will be worth $4.76 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock decreased 1.96% or $0.02 during the last trading session, reaching $1. About 218,074 shares traded or 54.27% up from the average. Bellatrix Exploration Ltd. (NYSE:BXE) has declined 69.56% since June 16, 2017 and is downtrending. It has underperformed by 82.13% the S&P500.

Another recent and important Bellatrix Exploration Ltd. (NYSE:BXE) news was published by Seekingalpha.com which published an article titled: “Bellatrix: Torque To A Cyclical Recovery” on June 08, 2018.

Bellatrix Exploration Ltd., an oil and gas company, engages in the acquisition, exploration, development, and production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan in Canada. The company has market cap of $59.55 million. It primarily focuses on developing its two core resource plays, the Cardium and the Notikewin/Falher intervals in Western Canada. It currently has negative earnings.

Bellatrix Exploration Ltd. (NYSE:BXE) Ratings Chart

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