The stock of VANGUARD FTSE CANADA INDEX ETF (TSE:VCE) gapped down by $0.17 today and has $26.94 target or 10.00% below today’s $29.93 share price. The 6 months technical chart setup indicates high risk for the $427.42 million company. The gap down was reported on Sep, 13 by Barchart.com. If the $26.94 price target is reached, the company will be worth $42.74 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 14,520 shares traded hands or 120.13% up from the average. VANGUARD FTSE CANADA INDEX ETF (TSE:VCE) has risen 12.00% since February 5, 2016 and is uptrending. It has underperformed by 4.49% the S&P500.
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