The stock of VANGUARD FTSE CANADA ALL CAP IDX ETF (TSE:VCN) gapped down by $0.07 today and has $27.14 target or 6.00% below today’s $28.87 share price. The 6 months technical chart setup indicates high risk for the $570.73M company. The gap down was reported on Sep, 13 by Barchart.com. If the $27.14 price target is reached, the company will be worth $34.24 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 24,693 shares traded hands or 11.61% up from the average. VANGUARD FTSE CANADA ALL CAP IDX ETF (TSE:VCN) has risen 20.91% since February 10, 2016 and is uptrending. It has outperformed by 4.42% the S&P500.
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