The stock of CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) gapped down by $0.01 today and has $6.39 target or 10.00% below today’s $7.10 share price. The 8 months technical chart setup indicates high risk for the $14.34 million company. The gap down was reported on Nov, 4 by Barchart.com. If the $6.39 price target is reached, the company will be worth $1.43M 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 11,842 shares traded hands or 1.95% up from the average. CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) has risen 15.46% since April 5, 2016 and is uptrending. It has outperformed by 14.37% the S&P500.
More notable recent CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) news were published by: Theglobeandmail.com which released: “New ETF to track Canadian crude oil pricing” on May 10, 2015, also Prnewswire.com with their article: “USCF Announces Collaboration On Canadian Crude Oil ETF With Auspice Capital …” published on June 17, 2016, Business.Financialpost.com published: “Shedding light on domestic oil prices: New ETF will track Western Canadian …” on May 04, 2015. More interesting news about CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) were released by: Business.Financialpost.com and their article: “Take two: Is investing in commodities worth the effort and hand-wringing?” published on April 18, 2016 as well as Nasdaq.com‘s news article titled: “4 Inverse ETFs to Short Oil as Crude Prices Tumble” with publication date: March 11, 2016.
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