The stock of Horizons US Dollar Currency ETF (TSE:DLR) gapped down by $0.01 today and has $11.79 target or 12.00% below today’s $13.40 share price. The 9 months technical chart setup indicates high risk for the $87.36 million company. The gap down was reported on Nov, 15 by Barchart.com. If the $11.79 price target is reached, the company will be worth $10.48M 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 63,457 shares traded hands. Horizons US Dollar Currency ETF (TSE:DLR) has risen 4.98% since April 11, 2016 and is uptrending. It has outperformed by 1.06% the S&P500.
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