The stock of FIRST ASSET CANBANC INCOME CLASS ETF (TSE:CIC) gapped down by $0.04 today and has $9.23 target or 14.00% below today’s $10.73 share price. The 8 months technical chart setup indicates high risk for the $139.68M company. The gap down was reported on Sep, 14 by Barchart.com. If the $9.23 price target is reached, the company will be worth $19.56 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%. The ETF decreased 0.74% or $0.08 on September 13, hitting $10.73. About 13,895 shares traded hands or 38.55% up from the average. FIRST ASSET CANBANC INCOME CLASS ETF (TSE:CIC) has risen 11.44% since February 5, 2016 and is uptrending. It has underperformed by 5.04% the S&P500.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.