After Today’s Gap Down, Is BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF’s Near-Term Analysis Negative?


The stock of BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF (TSE:ZEB) gapped down by $0.01 today and has $22.62 target or 5.00% below today’s $23.81 share price. The 6 months technical chart setup indicates high risk for the $868.51M company. The gap down was reported on Sep, 13 by If the $22.62 price target is reached, the company will be worth $43.43M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 195,098 shares traded hands or 89.44% up from the average. BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF (TSE:ZEB) has risen 15.32% since February 5, 2016 and is uptrending. It has underperformed by 1.17% the S&P500.

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