Will BMO Covered Call Utilities ETF Short Squeeze Soon? The Stock Just Gapped Up

 Will BMO Covered Call Utilities ETF Short Squeeze Soon? The Stock Just Gapped Up

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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