The stock of HORIZONS ENHANCED INCOME ENERGY ETF (TSE:HEE) gapped down by $0.24 today and has $13.04 target or 11.00% below today’s $14.65 share price. The 7 months technical chart setup indicates high risk for the $26.19M company. The gap down was reported on Sep, 13 by Barchart.com. If the $13.04 price target is reached, the company will be worth $2.88 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 11,312 shares traded hands or 367.44% up from the average. HORIZONS ENHANCED INCOME ENERGY ETF (TSE:HEE) has risen 23.25% since February 5, 2016 and is uptrending. It has outperformed by 6.76% the S&P500.
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