The stock of HorizonsBetaProNYMEXNaturalGas (TSE:HND) gapped up by $0.06 today and has $23.93 target or 63.00% above today’s $14.68 share price. The 6 months technical chart setup indicates low risk for the $39.11M company. The gap was reported on Nov, 2 by Barchart.com. If the $23.93 price target is reached, the company will be worth $24.64M 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 636,172 shares traded hands. HorizonsBetaProNYMEXNaturalGas (TSE:HND) has declined 43.50% since March 29, 2016 and is downtrending. It has underperformed by 46.02% the S&P500.
Horizons BetaPro NYMEX Natural Gas Bear Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that correspond to two times (200%) the inverse (opposite) of the daily performance of the New York Mercantile Exchange (NYMEX) natural gas futures contract for the next delivery month. The company has a market cap of $39.11 million. The Fund is managed by BetaPro Management Inc. It currently has negative earnings. ProFund Advisors LLC is the portfolio manager of the Fund.
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