What Next for Claymore Canadian Financial Monthly Income ETF After Today’s Gap Down?

 What Next for Claymore Canadian Financial Monthly Income ETF After Today's Gap Down?

The stock of Claymore Canadian Financial Monthly Income ETF (TSE:FIE) gapped down by $0.01 today and has $6.03 target or 10.00% below today’s $6.70 share price. The 8 months technical chart setup indicates high risk for the $363.81M company. The gap down was reported on Nov, 4 by Barchart.com. If the $6.03 price target is reached, the company will be worth $36.38M 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%. The ETF last traded at $6.7 per share. It is down 3.40% since March 31, 2016 and is uptrending. It has outperformed by 2.30% the S&P500.

More notable recent Claymore Canadian Financial Monthly Income ETF (TSE:FIE) news were published by: Business.Financialpost.com which released: “Gordon Pape: “no fan” of indexing or couch potato portfolios” on January 04, 2012, also Theglobeandmail.com with their article: “Top ETF picks for your RRSP” published on February 16, 2011, Fool.ca published: “Fool Canada” on February 02, 2005. More interesting news about Claymore Canadian Financial Monthly Income ETF (TSE:FIE) were released by: Theglobeandmail.com and their article: “How to find funds that deliver steady income” published on March 24, 2010 as well as Theglobeandmail.com‘s news article titled: “ETFs pay dividends without single-stock risk” with publication date: October 14, 2009.

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