The stock of BMO Covered Call Canadian Banks ETF (TSE:ZWB) gapped up by $0.02 today and has $25.96 target or 45.00% above today’s $17.90 share price. The 6 months technical chart setup indicates low risk for the $1.22B company. The gap was reported on Nov, 21 by Barchart.com. If the $25.96 price target is reached, the company will be worth $549.00 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 361,020 shares traded hands or 186.01% up from the average. BMO Covered Call Canadian Banks ETF (TSE:ZWB) has risen 9.22% since April 15, 2016 and is uptrending. It has outperformed by 5.36% the S&P500.
More notable recent BMO Covered Call Canadian Banks ETF (TSE:ZWB) news were published by: Theglobeandmail.com which released: “The case against covered call ETFs” on May 23, 2014, also Fool.ca with their article: “How to Get a 5.2% Monthly Dividend Yield From the Canadian Banks” published on July 06, 2015, Theglobeandmail.com published: “Three top ETFs from JC Hood’s John Hood” on January 19, 2016. More interesting news about BMO Covered Call Canadian Banks ETF (TSE:ZWB) were released by: Fool.ca and their article: “BMO S&P/TSX Equal Weight Banks Index ETF: Why You Should Own it” published on September 23, 2016 as well as Business.Financialpost.com‘s news article titled: “Covered call ETFs: Good for income, not return” with publication date: February 10, 2012.
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