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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