Some Traders Are Very Bearish on BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF After Today’s Gap Down

 Some Traders Are Very Bearish on BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF After Today's Gap Down

The stock of BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) gapped down by $0.28 today and has $9.46 target or 13.00% below today’s $10.87 share price. The 8 months technical chart setup indicates high risk for the $34.49 million company. The gap down was reported on Nov, 7 by Barchart.com. If the $9.46 price target is reached, the company will be worth $4.48 million 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 26,127 shares traded hands or 33.62% up from the average. BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) has risen 25.86% since April 1, 2016 and is uptrending. It has outperformed by 23.90% the S&P500.

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