The stock of BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) gapped down by $0.01 today and has $10.82 target or 10.00% below today’s $12.02 share price. The 6 months technical chart setup indicates high risk for the $205.19M company. The gap down was reported on Oct, 31 by Barchart.com. If the $10.82 price target is reached, the company will be worth $20.52 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 23,069 shares traded hands. BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) has risen 17.12% since March 24, 2016 and is uptrending. It has outperformed by 13.64% the S&P500.
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