The stock of PURPOSE PREMIUM YIELD FUND ETF (TSE:PYF) gapped down by $0.03 today and has $16.90 target or 14.00% below today’s $19.65 share price. The 6 months technical chart setup indicates high risk for the $52.67M company. The gap down was reported on Nov, 3 by Barchart.com. If the $16.90 price target is reached, the company will be worth $7.37 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 10,391 shares traded hands or 0.24% up from the average. PURPOSE PREMIUM YIELD FUND ETF (TSE:PYF) has declined 1.99% since March 30, 2016 and is downtrending. It has underperformed by 3.20% the S&P500.
More notable recent PURPOSE PREMIUM YIELD FUND ETF (TSE:PYF) news were published by: Marketwatch.com which released: “Purpose Investments Announces the Launch of the Innovative Purpose Premium …” on January 19, 2016, also Time.com with their article: “3 Moves to Boost Income Even When Rates Are Low” published on November 03, 2016, Businesswire.com published: “Goldman Sachs Asset Management Launches Goldman Sachs Hedge Industry VIP ETF” on November 03, 2016. More interesting news about PURPOSE PREMIUM YIELD FUND ETF (TSE:PYF) were released by: Seekingalpha.com and their article: “More Nuveen Muni CEF Mergers Scheduled To Close- Why Are Investors Still …” published on September 01, 2016 as well as Seekingalpha.com‘s news article titled: “Nuveen merging nine muni CEFs into two” with publication date: August 29, 2016.
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