The stock of Hori. Beta. NYMEX Cr. Oil Bl. Pl. (ETF) (TSE:HOU) gapped up by $0.11 today and has $24.84 target or 168.00% above today’s $9.27 share price. The 6 months technical chart setup indicates low risk for the $239.51 million company. The gap was reported on Oct, 19 by Barchart.com. If the $24.84 price target is reached, the company will be worth $402.38 million 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 2.70 million shares traded hands. Hori. Beta. NYMEX Cr. Oil Bl. Pl. (ETF) (TSE:HOU) has risen 17.65% since March 14, 2016 and is uptrending. It has outperformed by 12.10% the S&P500.
Horizons BetaPro NYMEX Crude Oil Bull+ ETF seek daily investment results equal to 200% the daily performance of the NYMEX light sweet crude oil futures contract for the next delivery month. The ETF has a market cap of $239.51 million. The HBP NYMEX Crude Oil Bull is denominated in Canadian dollars, as the United States dollar exposure of the underlying index is hedged daily. It currently has negative earnings. The Fund is managed by BetaPro Management Inc.
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