The stock of Hori. Beta. COMEX Gd. Bln. Bl. Pl. (ETF) (TSE:HBU) gapped down by $0.2 today and has $7.76 target or 14.00% below today’s $9.02 share price. The 6 months technical chart setup indicates high risk for the $13.84M company. The gap down was reported on Nov, 7 by Barchart.com. If the $7.76 price target is reached, the company will be worth $1.94M 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 10,260 shares traded hands. Hori. Beta. COMEX Gd. Bln. Bl. Pl. (ETF) (TSE:HBU) has risen 8.69% since April 1, 2016 and is uptrending. It has outperformed by 6.73% the S&P500.
Horizons BetaPro COMEX Gold Bullion Bull Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to two times (200%) the daily performance of the COMEX Gold Bullion Index. The ETF has a market cap of $13.84 million. ProFund Advisors LLC has been appointed portfolio manager of the ETF. It currently has negative earnings.
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