The stock of iShares S&P TSX 60 Index Fund (TSE:XIU) gapped up by $0.01 today and has $24.27 target or 8.00% above today’s $22.47 share price. The 5 months technical chart setup indicates low risk for the $12.53 billion company. The gap was reported on Nov, 22 by Barchart.com. If the $24.27 price target is reached, the company will be worth $1.00B 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 712,037 shares traded hands. iShares S&P TSX 60 Index Fund (TSE:XIU) has risen 10.78% since April 18, 2016 and is uptrending. It has outperformed by 6.23% the S&P500.
More notable recent iShares S&P TSX 60 Index Fund (TSE:XIU) news were published by: Fool.ca which released: “Trim Your iShares S&P/TSX 60 Index Fund: Buy This Global ETF With Proceeds” on September 09, 2016, also Fool.ca with their article: “S&P/TSX Composite versus S&P/TSX 60: Is it Time to Ride the Bigger Index?” published on November 17, 2016, Fool.ca published: “Here’s How to Invest in the S&P/TSX Composite â€” And Why You May Not Want To” on July 24, 2013. More interesting news about iShares S&P TSX 60 Index Fund (TSE:XIU) were released by: Fool.ca and their article: “New Investors: Should You Buy ETFs or Stocks?” published on February 18, 2016 as well as Theglobeandmail.com‘s news article titled: “ETFs you should get to know – and those to avoid” with publication date: August 24, 2012.
iShares S&P/TSX 60 Index Fund seeks to provide long-term capital growth by replicating, to the extent possible, the performance of the S&P/TSX 60 Index through investments in the constituent issuers of such index, net of expenses. The company has a market cap of $12.53 billion. The Index is comprised of 60 of the largest and liquid securities listed on the Toronto Stock Exchange (TSX), selected by Standard & Poor’s (S&P) using its industrial classifications and guidelines for evaluating issuer capitalization, liquidity and fundamentals. It currently has negative earnings. The S&P/TSX 60 Index covers approximately 73% of Canada’s equity market capitalization.
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