Is Major Move Coming For FIRST TRUST SENIOR LOAN ETF After This Gap Down?


The stock of FIRST TRUST SENIOR LOAN ETF (TSE:FSL) gapped down by $0.01 today and has $17.11 target or 13.00% below today’s $19.67 share price. The 7 months technical chart setup indicates high risk for the $108.10 million company. The gap down was reported on Sep, 13 by If the $17.11 price target is reached, the company will be worth $14.05M 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 13,111 shares traded hands or 197.44% up from the average. FIRST TRUST SENIOR LOAN ETF (TSE:FSL) has risen 4.96% since February 10, 2016 and is uptrending. It has underperformed by 11.53% the S&P500.

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