Could CANADIAN CRUDE OIL INDEX ETF Gain Strenght? The Stock Just Gapped Down

 Could CANADIAN CRUDE OIL INDEX ETF Gain Strenght? The Stock Just Gapped Down

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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