Could Torchlight Energy Resources, Inc. (TRCH) Change Direction After This Bearish Wedge Down Pattern

November 10, 2018 - By Marguerite Chambers

Torchlight Energy Resources, Inc. (NASDAQ:TRCH) Logo

Investors sentiment decreased to 1.86 in 2018 Q2. Its down 4.14, from 6 in 2018Q1. It dropped, as 5 investors sold Torchlight Energy Resources, Inc. shares while 2 reduced holdings. 8 funds opened positions while 5 raised stakes. 5.83 million shares or 34.07% less from 8.84 million shares in 2018Q1 were reported.
Citadel Advisors Limited reported 24,066 shares. Usca Ria Ltd Llc holds 0.06% or 380,000 shares. Vertex One Asset reported 340,000 shares. Bank Of America De owns 20,000 shares for 0% of their portfolio. Moreover, Raymond James Associate has 0% invested in Torchlight Energy Resources, Inc. (NASDAQ:TRCH). 24,375 are held by Hightower Advsrs Ltd Liability Corporation. Fayez Sarofim And Communications owns 0% invested in Torchlight Energy Resources, Inc. (NASDAQ:TRCH) for 356,000 shares. Invesco Ltd reported 15,437 shares. Raymond James Fincl Service invested in 775,787 shares. Utd Serv Automobile Association holds 0% or 15,877 shares in its portfolio. Northern holds 0% or 109,007 shares in its portfolio. Biltmore Wealth Ltd Liability Corp accumulated 69,444 shares. Moreover, Geode Ltd Llc has 0% invested in Torchlight Energy Resources, Inc. (NASDAQ:TRCH). Lvm Mi owns 10,000 shares. Vanguard Group Inc Incorporated invested in 0% or 1.44M shares.

Since August 24, 2018, it had 2 insider buys, and 0 selling transactions for $22,521 activity.

The stock of Torchlight Energy Resources, Inc. (TRCH) formed a down wedge with $0.67 target or 7.00 % below today’s $0.72 share price. The 5 months wedge indicates high risk for the $50.63 million company. If the $0.67 price target is reached, the company will be worth $3.54M less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock decreased 11.66% or $0.0954 during the last trading session, reaching $0.7226. About 199,629 shares traded or 47.73% up from the average. Torchlight Energy Resources, Inc. (NASDAQ:TRCH) has declined 22.76% since November 10, 2017 and is downtrending. It has underperformed by 38.38% the S&P500.

Analysts await Torchlight Energy Resources, Inc. (NASDAQ:TRCH) to report earnings on November, 13. They expect $-0.01 earnings per share, up 50.00 % or $0.01 from last year’s $-0.02 per share.

More news for Torchlight Energy Resources, Inc. (NASDAQ:TRCH) were recently published by: Globenewswire.com, which released: “Torchlight Energy Closes on $6000000 Financing and Provides Operational Update” on October 18, 2018. Globenewswire.com‘s article titled: “Torchlight Spuds First of Next Three Wells Planned in Its Orogrande Basin Project” and published on October 31, 2018 is yet another important article.

Torchlight Energy Resources, Inc., through its subsidiaries, engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States. The company has market cap of $50.63 million. As of December 31, 2017 it had interests in four gas and oil projects, including the Orogrande project in Hudspeth County, Texas; Hazel project in Sterling, Tom Green, and Irion Counties, Texas; Winkler project in Winkler County, Texas; and Hunton wells in partnership with Husky Ventures in Central Oklahoma. It currently has negative earnings.

Torchlight Energy Resources, Inc. (NASDAQ:TRCH) Institutional Positions Chart

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