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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