BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF’s Big Gap Up Today Points to Less Stock Risks

 BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF's Big Gap Up Today Points to Less Stock Risks

The stock of BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) gapped up by $0.16 today and has $18.41 target or 53.00% above today’s $12.03 share price. The 7 months technical chart setup indicates low risk for the $199.12 million company. The gap was reported on Nov, 15 by Barchart.com. If the $18.41 price target is reached, the company will be worth $105.53M 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 16,453 shares traded hands. BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) has risen 13.09% since April 11, 2016 and is uptrending. It has outperformed by 9.16% the S&P500.

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