Is Selling Stock Like John Hancock Pref. Income Fund II After Such Gap Down a Winning Strategy?

 Is Selling Stock Like John Hancock Pref. Income Fund II After Such Gap Down a Winning Strategy?

The stock of John Hancock Pref. Income Fund II (NYSE:HPF) gapped down by $0.07 today and has $19.05 target or 11.00% below today’s $21.40 share price. The 6 months technical chart setup indicates high risk for the $454.83 million company. The gap down was reported on Oct, 31 by Barchart.com. If the $19.05 price target is reached, the company will be worth $50.03M 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 33,171 shares traded hands. John Hancock Pref. Income Fund II (NYSE:HPF) has risen 0.94% since March 29, 2016 and is uptrending. It has underperformed by 2.54% the S&P500.

More notable recent John Hancock Pref. Income Fund II (NYSE:HPF) news were published by: Seekingalpha.com which released: “John Hancock Preferred Income Fund II: A Good Or Bad Investment?” on July 04, 2016, also Seekingalpha.com with their article: “John Hancock Preferred Income Fund: A Good Or Bad Investment?” published on July 21, 2016, Seekingalpha.com published: “John Hancock Preferred Income Fund III: A Good Or Bad Investment?” on July 13, 2016. More interesting news about John Hancock Pref. Income Fund II (NYSE:HPF) were released by: Seekingalpha.com and their article: “In Search Of Income: Preferred CEFs (Part II)” published on December 14, 2014 as well as Prnewswire.com‘s news article titled: “John Hancock Preferred Income Funds, Premium Dividend Fund and Tax-Advantaged …” with publication date: June 01, 2015.

John Hancock Preferred Income Fund II is a closed-end management investment company. The company has a market cap of $454.83 million. The Fund’s primary investment objective is to provide a high level of current income consistent with preservation of capital. It currently has negative earnings. The Fund’s secondary investment objective is to provide growth of capital to the extent consistent with its primary investment objective.

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