The stock of BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) gapped up by $0.02 today and has $33.09 target or 190.00% above today’s $11.41 share price. The 6 months technical chart setup indicates low risk for the $32.50M company. The gap was reported on Oct, 19 by Barchart.com. If the $33.09 price target is reached, the company will be worth $61.75 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 21,220 shares traded hands or 16.89% up from the average. BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) has risen 26.71% since March 14, 2016 and is uptrending. It has outperformed by 21.17% the S&P500.
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