The stock of HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) gapped down by $0.07 today and has $9.75 target or 12.00% below today’s $11.08 share price. The 6 months technical chart setup indicates high risk for the $29.99M company. The gap down was reported on Nov, 11 by Barchart.com. If the $9.75 price target is reached, the company will be worth $3.60M 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 46,864 shares traded hands or 158.10% up from the average. HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) has risen 15.78% since April 7, 2016 and is uptrending. It has outperformed by 9.64% the S&P500.
More news for HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) were recently published by: Theglobeandmail.com, which released: “Two ETFs to help you profit from crude oil’s ‘sweet spot'” on February 10, 2014. Midasletter.com‘s article titled: “Subscribe to Midas Letter Free Edition” and published on February 10, 2016 is yet another important article.
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