Could BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF Change Direction After Today’s Gap Up?

 Could BMO SP TSX EQUAL WEIGHT BANKS INDEX ETF Change Direction After Today's Gap Up?

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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