The stock of BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) gapped up by $0.15 today and has $27.80 target or 153.00% above today’s $10.99 share price. The 6 months technical chart setup indicates low risk for the $31.33M company. The gap was reported on Oct, 18 by Barchart.com. If the $27.80 price target is reached, the company will be worth $47.93M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 11,253 shares traded hands. BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) has risen 18.89% since March 11, 2016 and is uptrending. It has outperformed by 13.40% the S&P500.