The stock of Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) gapped down by $0.35 today and has $11.63 target or 14.00% below today’s $13.52 share price. The 5 months technical chart setup indicates high risk for the $83.44M company. The gap down was reported on Oct, 19 by Barchart.com. If the $11.63 price target is reached, the company will be worth $11.68 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 825,618 shares traded hands. Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) has risen 82.55% since March 14, 2016 and is uptrending. It has outperformed by 77.01% the S&P500.
Horizons BetaPro NYMEX Natural Gas Bull Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, to correspond to two times (200%) the daily performance of the New York Mercantile Exchange (NYMEX) natural gas futures contract for the next delivery month. The ETF has a market cap of $83.44 million.
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