The stock of Horizons BetaPro COMEX Silver Bull Plus ETF (TSE:HZU) gapped down by $0.24 today and has $14.80 target or 14.00% below today’s $17.21 share price. The 6 months technical chart setup indicates high risk for the $28.63M company. The gap down was reported on Nov, 14 by Barchart.com. If the $14.80 price target is reached, the company will be worth $4.01 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 209,817 shares traded hands or 133.51% up from the average. Horizons BetaPro COMEX Silver Bull Plus ETF (TSE:HZU) has risen 15.48% since April 8, 2016 and is uptrending. It has outperformed by 10.50% the S&P500.
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