The stock of Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) gapped down by $0.42 today and has $6.93 target or 14.00% below today’s $8.06 share price. The 5 months technical chart setup indicates high risk for the $107.02M company. The gap down was reported on Nov, 8 by Barchart.com. If the $6.93 price target is reached, the company will be worth $14.98 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 1.55 million shares traded hands. Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) has risen 10.59% since April 1, 2016 and is uptrending. It has outperformed by 8.64% the S&P500.
Horizons BetaPro NYMEX Natural Gas Bull Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, to correspond to two times (200%) the daily performance of the New York Mercantile Exchange (NYMEX) natural gas futures contract for the next delivery month. The ETF has a market cap of $107.02 million.
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