The stock of ISHARES SP TSX CDN DIVIDEND IDX ETF (TSE:CDZ) gapped down by $0.01 today and has $23.42 target or 5.00% below today’s $24.65 share price. The 8 months technical chart setup indicates high risk for the $950.87 million company. The gap down was reported on Sep, 13 by Barchart.com. If the $23.42 price target is reached, the company will be worth $47.54M 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 32,890 shares traded hands or 84.06% up from the average. ISHARES SP TSX CDN DIVIDEND IDX ETF (TSE:CDZ) has risen 13.64% since February 5, 2016 and is uptrending. It has underperformed by 2.85% the S&P500.
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