The stock of BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) gapped up by $0.05 today and has $17.68 target or 80.00% above today’s $9.82 share price. The 7 months technical chart setup indicates low risk for the $28.41 million company. The gap was reported on Nov, 21 by Barchart.com. If the $17.68 price target is reached, the company will be worth $22.73M 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 16,211 shares traded hands. BMO SP TSX EQL WEIGHT GLBL GOLD IDX ETF (TSE:ZGD) has declined 2.81% since April 15, 2016 and is downtrending. It has underperformed by 6.67% the S&P500.
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