Is Major Move Coming For BMO Covered Call Canadian Banks ETF After This Gap Up?

 Is Major Move Coming For BMO Covered Call Canadian Banks ETF After This Gap Up?

The stock of BMO Covered Call Canadian Banks ETF (TSE:ZWB) gapped up by $0.01 today and has $25.55 target or 49.00% above today’s $17.15 share price. The 9 months technical chart setup indicates low risk for the $1.17B company. The gap was reported on Oct, 18 by Barchart.com. If the $25.55 price target is reached, the company will be worth $573.30M 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 68,957 shares traded hands. BMO Covered Call Canadian Banks ETF (TSE:ZWB) has risen 7.85% since March 11, 2016 and is uptrending. It has outperformed by 2.37% the S&P500.

More notable recent BMO Covered Call Canadian Banks ETF (TSE:ZWB) news were published by: Theglobeandmail.com which released: “The case against covered call ETFs” on May 23, 2014, also Fool.ca with their article: “How to Get a 5.2% Monthly Dividend Yield From the Canadian Banks” published on July 06, 2015, Theglobeandmail.com published: “Three top ETFs from JC Hood’s John Hood” on January 19, 2016. More interesting news about BMO Covered Call Canadian Banks ETF (TSE:ZWB) were released by: Fool.ca and their article: “BMO S&P/TSX Equal Weight Banks Index ETF: Why You Should Own it” published on September 23, 2016 as well as Business.Financialpost.com‘s news article titled: “Covered call ETFs: Good for income, not return” with publication date: February 10, 2012.

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