The stock of FIRST ASSET CANBANC INCOME CLASS ETF (TSE:CIC) gapped up by $0.02 today and has $30.49 target or 180.00% above today’s $10.89 share price. The 9 months technical chart setup indicates low risk for the $139.03M company. The gap was reported on Nov, 7 by Barchart.com. If the $30.49 price target is reached, the company will be worth $250.25 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 12,472 shares traded hands or 61.49% up from the average. FIRST ASSET CANBANC INCOME CLASS ETF (TSE:CIC) has risen 6.53% since April 1, 2016 and is uptrending. It has outperformed by 4.58% the S&P500.
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