The stock of Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) (TSE:HOD) gapped down by $0.12 today and has $8.82 target or 12.00% below today’s $10.02 share price. The 7 months technical chart setup indicates high risk for the $99.69M company. The gap down was reported on Oct, 19 by Barchart.com. If the $8.82 price target is reached, the company will be worth $11.96 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 1.77M shares traded hands. Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) (TSE:HOD) has declined 42.95% since March 14, 2016 and is downtrending. It has underperformed by 48.49% the S&P500.
Horizons BetaPro NYMEX Crude Oil Bear Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that correspond to two times (200%) the inverse (opposite) of the daily performance of the New York Mercantile Exchange (NYMEX) light sweet crude oil futures contract for the next delivery month. The ETF has a market cap of $99.69 million. The Fund is managed by BetaPro Management Inc. It currently has negative earnings. ProFund Advisors LLC is the portfolio manager of the Fund.
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