The stock of CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) gapped down by $0.07 today and has $5.92 target or 13.00% below today’s $6.80 share price. The 6 months technical chart setup indicates high risk for the $14.18 million company. The gap down was reported on Nov, 11 by Barchart.com. If the $5.92 price target is reached, the company will be worth $1.84 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 79,127 shares traded hands or 572.68% up from the average. CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) has declined 7.92% since April 12, 2016 and is downtrending. It has underperformed by 14.07% the S&P500.
More important recent CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) news were published by: Theglobeandmail.com which released: “New ETF to track Canadian crude oil pricing” on May 10, 2015, also Prnewswire.com published article titled: “USCF Announces Collaboration On Canadian Crude Oil ETF With Auspice Capital …”, Business.Financialpost.com published: “Shedding light on domestic oil prices: New ETF will track Western Canadian …” on May 04, 2015. More interesting news about CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) was released by: Business.Financialpost.com and their article: “Take two: Is investing in commodities worth the effort and hand-wringing?” with publication date: April 18, 2016.
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