The stock of BMO LONG CORPORATE BOND INDEX ETF (TSE:ZLC) gapped down by $0.03 today and has $16.45 target or 12.00% below today’s $18.69 share price. The 8 months technical chart setup indicates high risk for the $291.45M company. The gap down was reported on Nov, 8 by Barchart.com. If the $16.45 price target is reached, the company will be worth $34.97M 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 107,600 shares traded hands or 911.66% up from the average. BMO LONG CORPORATE BOND INDEX ETF (TSE:ZLC) has risen 4.29% since April 1, 2016 and is uptrending. It has outperformed by 2.33% the S&P500.
More recent BMO LONG CORPORATE BOND INDEX ETF (TSE:ZLC) news were published by: Marketwired.com which released: “BMO Asset Management Inc. Announces Cash Distributions for BMO Exchange Traded …” on September 20, 2016. Also Marketwired.com published the news titled: “BMO Asset Management Inc. Announces Estimated Annual Reinvested Distributions …” on November 18, 2015. Fool.ca‘s news article titled: “Caution Ahead: Why Bonds May Soon Become Much Harder to Manage” with publication date: May 12, 2015 was also an interesting one.
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