The stock of HSBC ETFS PLC HSBC MSCI BRAZIL UCITS ETF $ (LON:HBRL) gapped down by GBX 17.2 today and has GBX 1117.87 target or 14.00% below today’s GBX 1299.85 share price. The 9 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 10 by Barchart.com. If the GBX 1117.87 price target is reached, the company will be worth GBX 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%. The ETF decreased 10.00% or GBX 144.4 on November 10, hitting GBX 1299.85. About 1,300 shares traded hands. HSBC ETFS PLC HSBC MSCI BRAZIL UCITS ETF $ (LON:HBRL) has risen 6.00% since October 11, 2016 and is uptrending. It has outperformed by 0.35% the S&P500.
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