The stock of BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF (TSE:ZEB) gapped up by $0.07 today and has $32.71 target or 34.00% above today’s $24.41 share price. The 8 months technical chart setup indicates low risk for the $864.78M company. The gap was reported on Nov, 7 by Barchart.com. If the $32.71 price target is reached, the company will be worth $294.03 million 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 292,682 shares traded hands or 119.75% up from the average. BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF (TSE:ZEB) has risen 7.66% since April 1, 2016 and is uptrending. It has outperformed by 5.70% the S&P500.
More notable recent BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF (TSE:ZEB) news were published by: Fool.ca which released: “BMO S&P/TSX Equal Weight Banks Index ETF: Why You Should Own it” on September 23, 2016, also Fool.ca with their article: “Picking Banks: Exchange-Traded Funds or Single Stock Purchases?” published on September 24, 2015, Theglobeandmail.com published: “The case against covered call ETFs” on May 23, 2014. More interesting news about BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF (TSE:ZEB) were released by: Marketwired.com and their article: “BMO Asset Management Inc. Announces Cash Distributions for BMO Exchange Traded …” published on September 20, 2016 as well as Marketwired.com‘s news article titled: “BMO Asset Management Inc. Announces Estimated Annual Reinvested Distributions …” with publication date: November 18, 2015.
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