The outlook for stocks on Wednesday was for the Toronto Stock Exchange to continue its advance. Indeed the TSX did follow the market direction outlook and moved higher. Part of the reason for the continued advance today came from BCE Stock as well as news that there may be a takeover bid for Talisman Energy.
Talisman Energy (TLM) Stock Chart
Talisman Energy stock which trades under the symbol TLM, saw its average daily volume of 1.4 millions shares jump to 17.8 million shares which resulted in a 13.25% rise in the stock on Wednesday. News that a Spanish energy company, Repsol may be interested in buying Talisman assisted in boosting the TSX today.
Technically, Talisman stock has been oversold for sometime. Today momentum turned positive, the Slow Stochastic issued a buy signal and MACD also issued a buy signal.
While I trade in Suncor Energy Stock and not Talisman Stock, those investors interested in the stock for trading purposes will find that put options premiums have dropped for out of the money put strikes but are attractively priced for at the money put strikes. Talisman stock however does not meet my criteria for stock trading or investing and the stock pattern until today, reflected a stock that was in serious decline.
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