Could HORIZONS NYMEX CRUDE OIL ETF See a Reversal After Having a Gap Down Now?

 Could HORIZONS NYMEX CRUDE OIL ETF See a Reversal After Having a Gap Down Now?

The stock of HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) gapped down by $0.08 today and has $10.06 target or 14.00% below today’s $11.70 share price. The 7 months technical chart setup indicates high risk for the $31.78 million company. The gap down was reported on Oct, 31 by Barchart.com. If the $10.06 price target is reached, the company will be worth $4.45M 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 14,964 shares traded hands. HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) has risen 16.76% since March 24, 2016 and is uptrending. It has outperformed by 13.29% the S&P500.

More notable recent HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) news were published by: Theglobeandmail.com which released: “Two ETFs to help you profit from crude oil’s ‘sweet spot'” on February 10, 2014, also Midasletter.com with their article: “Subscribe to Midas Letter Free Edition” published on February 10, 2016, Seekingalpha.com published: “Crude Oil Is Entering The Sell Zone” on August 22, 2016. More interesting news about HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) were released by: Seekingalpha.com and their article: “Crude Oil: Is $51.67 The Top?” published on June 20, 2016 as well as Seekingalpha.com‘s news article titled: “Crude Oil Weakness Not A Surprise” with publication date: August 01, 2016.

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