Time to Buy BMO SP 500 INDEX ETF After Today’s Gap Up?

 Time to Buy BMO SP 500 INDEX ETF After Today's Gap Up?

The stock of BMO SP 500 INDEX ETF (TSE:ZSP) gapped up by $0.05 today and has $54.81 target or 69.00% above today’s $32.43 share price. The 9 months technical chart setup indicates low risk for the $2.81B company. The gap was reported on Nov, 14 by Barchart.com. If the $54.81 price target is reached, the company will be worth $1.94B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 65,675 shares traded hands. BMO SP 500 INDEX ETF (TSE:ZSP) has risen 10.40% since April 8, 2016 and is uptrending. It has outperformed by 5.42% the S&P500.

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