The stock of LYXOR INTERNATIONAL ASSET MANAGEMENT LYXOR UCITS ETF FTSE MIB (LON:MIBX) gapped down by GBX 0.61 today and has GBX 1191.30 target or 13.00% below today’s GBX 1369.31 share price. The 9 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 18 by Barchart.com. If the GBX 1191.30 price target is reached, the company will be worth GBX 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%. The ETF decreased 1.40% or GBX 19.44 on November 18, hitting GBX 1369.31. About 534,040 shares traded hands or 562.53% up from the average. LYXOR INTERNATIONAL ASSET MANAGEMENT LYXOR UCITS ETF FTSE MIB (LON:MIBX) has risen 0.83% since April 12, 2016 and is uptrending. It has underperformed by 3.60% the S&P500.
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