The stock of iSHARES CANADIAN VALUE INDEX ETF (TSE:XCV) gapped down by $0.07 today and has $20.17 target or 14.00% below today’s $23.45 share price. The 7 months technical chart setup indicates high risk for the $66.72M company. The gap down was reported on Sep, 13 by Barchart.com. If the $20.17 price target is reached, the company will be worth $9.34M 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 10,787 shares traded hands or 239.11% up from the average. iSHARES CANADIAN VALUE INDEX ETF (TSE:XCV) has risen 14.90% since February 5, 2016 and is uptrending. It has underperformed by 1.59% the S&P500.
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