The stock of BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) gapped up by $0.14 today and has $28.75 target or 130.00% above today’s $12.50 share price. The 8 months technical chart setup indicates low risk for the $207.09M company. The gap was reported on Nov, 21 by Barchart.com. If the $28.75 price target is reached, the company will be worth $269.22 million 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 68,059 shares traded hands or 59.17% up from the average. BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) has risen 15.17% since April 15, 2016 and is uptrending. It has outperformed by 11.31% the S&P500.
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