The stock of BMO Covered Call Utilities ETF (TSE:ZWU) gapped up by $0.01 today and has $20.14 target or 52.00% above today’s $13.25 share price. The 5 months technical chart setup indicates low risk for the $444.09M company. The gap was reported on Nov, 17 by Barchart.com. If the $20.14 price target is reached, the company will be worth $230.93M 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 42,026 shares traded hands. BMO Covered Call Utilities ETF (TSE:ZWU) has declined 1.72% since April 13, 2016 and is downtrending. It has underperformed by 6.34% the S&P500.
More recent BMO Covered Call Utilities ETF (TSE:ZWU) news were published by: Theglobeandmail.com which released: “The case against covered call ETFs” on May 23, 2014. Also Theglobeandmail.com published the news titled: “Larry Berman: A defensive tack for the late stages of market cycle” on September 04, 2016. Marketwired.com‘s news article titled: “BMO Asset Management Inc. Announces Cash Distributions for BMO Exchange Traded …” with publication date: October 13, 2016 was also an interesting one.
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