After Today’s Gap Down, Is First Asset Canadian REIT Income Fund’s Near-Term Analysis Negative?

 After Today's Gap Down, Is First Asset Canadian REIT Income Fund's Near Term Analysis Negative?

The stock of First Asset Canadian REIT Income Fund (TSE:RIT) gapped down by $0.03 today and has $12.95 target or 10.00% below today’s $14.39 share price. The 5 months technical chart setup indicates high risk for the $172.38 million company. The gap down was reported on Nov, 14 by Barchart.com. If the $12.95 price target is reached, the company will be worth $17.24 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 11,810 shares traded hands. First Asset Canadian REIT Income Fund (TSE:RIT) has risen 0.56% since April 8, 2016 and is uptrending. It has underperformed by 4.42% the S&P500.

More notable recent First Asset Canadian REIT Income Fund (TSE:RIT) news were published by: Marketwired.com which released: “First Asset Announces Launch of Actively Managed ETFs” on September 09, 2014, also Business.Financialpost.com with their article: “Jonathan Chevreau: Why fund investors should get active with their ETFs” published on September 08, 2015, Theglobeandmail.com published: “If volatility is so low, why is portfolio risk so high?” on August 28, 2016. More interesting news about First Asset Canadian REIT Income Fund (TSE:RIT) were released by: Theglobeandmail.com and their article: “What investors should do about the Fed’s interest-rate conundrum” published on August 21, 2016 as well as Marketwatch.com‘s news article titled: “Dream Global REIT Announces Listing on Frankfurt Stock Exchange and Investment …” with publication date: November 14, 2016.

First Asset Canadian Reit Income Fund , formerly First Asset REIT Income Fund, is a Canada closed-end investment trust. The company has a market cap of $172.38 million. The Fund’s investment objectives is to provide holders with the benefits of high monthly cash distributions together with the opportunity for capital appreciation through the active management of a diversified portfolio of real estate investment trusts (REITs) and real estate firms that are listed on Canadian stock exchanges. It has a 9.58 P/E ratio. The investment portfolio provides diversification among various real estate holdings, including apartment buildings, shopping centers, office buildings and nursing/retirement homes, among others.

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