The stock of Claymore Canadian Fundamental Index ETF (TSE:CRQ) gapped down by $0.02 today and has $12.00 target or 13.00% below today’s $13.79 share price. The 6 months technical chart setup indicates high risk for the $171.41M company. The gap down was reported on Sep, 13 by Barchart.com. If the $12.00 price target is reached, the company will be worth $22.28 million 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 19,601 shares traded hands or 248.71% up from the average. Claymore Canadian Fundamental Index ETF (TSE:CRQ) has risen 19.17% since February 5, 2016 and is uptrending. It has outperformed by 2.68% the S&P500.
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