The stock of Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) gapped down by $0.14 today and has $6.54 target or 12.00% below today’s $7.43 share price. The 9 months technical chart setup indicates high risk for the $97.27M company. The gap down was reported on Nov, 9 by Barchart.com. If the $6.54 price target is reached, the company will be worth $11.67 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 760,152 shares traded hands. Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) has declined 2.02% since April 5, 2016 and is downtrending. It has underperformed by 6.81% 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 $97.27 million.
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