What Next for BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF After Today’s Gap Down?

 What Next for BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF After Today's Gap Down?

The stock of BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) gapped down by $0.05 today and has $10.36 target or 11.00% below today’s $11.64 share price. The 5 months technical chart setup indicates high risk for the $201.16M company. The gap down was reported on Nov, 11 by Barchart.com. If the $10.36 price target is reached, the company will be worth $22.13 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 52,491 shares traded hands or 32.08% up from the average. BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) has risen 16.72% since April 7, 2016 and is uptrending. It has outperformed by 10.57% the S&P500.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Tags: , ,

Related posts

Leave a Comment