The stock of iShares DEX Floating Rate Note Index Fund (TSE:XFR) gapped down by $0.01 today and has $17.45 target or 13.00% below today’s $20.06 share price. The 9 months technical chart setup indicates high risk for the $226.79M company. The gap down was reported on Sep, 14 by Barchart.com. If the $17.45 price target is reached, the company will be worth $29.48M 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 stock decreased 0.05% or $0.01 on September 13, hitting $20.06. About 10,122 shares traded hands. iShares DEX Floating Rate Note Index Fund (TSE:XFR) has risen 0.30% since February 5, 2016 and is uptrending. It has underperformed by 16.19% the S&P500.
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