The stock of SPHERE FTSE EMERG MKTS YLD IDX ETF (TSE:SHZ) gapped down by $0.12 today and has $8.43 target or 13.00% below today’s $9.69 share price. The 5 months technical chart setup indicates high risk for the $4.90M company. The gap down was reported on Nov, 11 by Barchart.com. If the $8.43 price target is reached, the company will be worth $637,000 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 15,000 shares traded hands. SPHERE FTSE EMERG MKTS YLD IDX ETF (TSE:SHZ) has risen 6.00% since October 12, 2016 and is uptrending. It has underperformed by 0.15% the S&P500.
More recent SPHERE FTSE EMERG MKTS YLD IDX ETF (TSE:SHZ) news were published by: Marketwatch.com which released: “Sphere FTSE Emerging Markets Sustainable Yield Index ETF” on October 17, 2016. Also Businesswire.com published the news titled: “Sphere Investments Selects State Street as Custodian” on October 17, 2016. Theglobeandmail.com‘s news article titled: “Even more ETFs are coming to Canada” with publication date: March 08, 2016 was also an interesting one.
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