What’s Next for Hori. Beta. NYMEX Cr. Oil Bl. Pl. (ETF) After Today’s Gap Down?

 What's Next for Hori. Beta. NYMEX Cr. Oil Bl. Pl. (ETF) After Today's Gap Down?

The stock of Hori. Beta. NYMEX Cr. Oil Bl. Pl. (ETF) (TSE:HOU) gapped down by $0.09 today and has $6.59 target or 13.00% below today’s $7.57 share price. The 7 months technical chart setup indicates high risk for the $225.87M company. The gap down was reported on Oct, 31 by Barchart.com. If the $6.59 price target is reached, the company will be worth $29.36 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 3.02 million shares traded hands. Hori. Beta. NYMEX Cr. Oil Bl. Pl. (ETF) (TSE:HOU) has risen 6.28% since March 24, 2016 and is uptrending. It has outperformed by 2.81% the S&P500.

Horizons BetaPro NYMEX Crude Oil Bull+ ETF seek daily investment results equal to 200% the daily performance of the NYMEX light sweet crude oil futures contract for the next delivery month. The ETF has a market cap of $225.87 million. The HBP NYMEX Crude Oil Bull is denominated in Canadian dollars, as the United States dollar exposure of the underlying index is hedged daily. It currently has negative earnings. The Fund is managed by BetaPro Management Inc.

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