The stock of First Trust Global Risk Managed Income Index ETF (TSE:ETP) gapped down by $0.03 today and has $16.68 target or 13.00% below today’s $19.17 share price. The 9 months technical chart setup indicates high risk for the $40.20M company. The gap down was reported on Sep, 13 by Barchart.com. If the $16.68 price target is reached, the company will be worth $5.23 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 27,337 shares traded hands or 1905.65% up from the average. First Trust Global Risk Managed Income Index ETF (TSE:ETP) has risen 5.82% since February 5, 2016 and is uptrending. It has underperformed by 10.67% the S&P500.
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