The stock of FIRST ASSET CANBANC INCOME CLASS ETF (TSE:CIC) gapped up by $0.01 today and has $23.48 target or 114.00% above today’s $10.97 share price. The 6 months technical chart setup indicates low risk for the $142.16M company. The gap was reported on Oct, 31 by Barchart.com. If the $23.48 price target is reached, the company will be worth $162.06M 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 20,200 shares traded hands or 165.06% up from the average. FIRST ASSET CANBANC INCOME CLASS ETF (TSE:CIC) has risen 7.77% since March 24, 2016 and is uptrending. It has outperformed by 4.29% the S&P500.
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