The stock of HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) gapped down by $0.03 today and has $9.92 target or 10.00% below today’s $11.02 share price. The 5 months technical chart setup indicates high risk for the $29.25M company. The gap down was reported on Nov, 14 by Barchart.com. If the $9.92 price target is reached, the company will be worth $2.93M 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 27,811 shares traded hands or 42.47% up from the average. HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) has risen 8.51% since April 8, 2016 and is uptrending. It has outperformed by 3.53% the S&P500.
More recent HORIZONS NYMEX CRUDE OIL ETF (TSE:HUC) news were published by: Theglobeandmail.com which released: “Two ETFs to help you profit from crude oil’s ‘sweet spot'” on February 10, 2014. Also Midasletter.com published the news titled: “Subscribe to Midas Letter Free Edition” on February 10, 2016. Seekingalpha.com‘s news article titled: “Crude Oil Is Entering The Sell Zone” with publication date: August 22, 2016 was also an interesting one.
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