The stock of ETFS OIL SECURITIES LIMITED ETFS BRENT 1MTH (LON:OILB) gapped up by GBX 0.27 today and has GBX 22.73 target or 3.00% above today’s GBX 22.07 share price. The 9 months technical chart setup indicates low risk for the GBX company. The gap was reported on Nov, 22 by Barchart.com. If the GBX 22.73 price target is reached, the company will be worth GBX 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%. The ETF decreased 0.29% or GBX 0.07 on November 22, hitting GBX 22.07. About 138,309 shares traded hands or 52.02% up from the average. ETFS OIL SECURITIES LIMITED ETFS BRENT 1MTH (LON:OILB) has risen 27.40% since March 21, 2016 and is uptrending. It has outperformed by 22.84% the S&P500.