The stock of ISHARES GOLD BULLION ETF HDG (TSE:CGL) gapped down by $0.14 today and has $9.74 target or 6.00% below today’s $10.36 share price. The 8 months technical chart setup indicates high risk for the $324.82 million company. The gap down was reported on Nov, 23 by Barchart.com. If the $9.74 price target is reached, the company will be worth $19.49M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 63,225 shares traded hands. ISHARES GOLD BULLION ETF HDG (TSE:CGL) has declined 3.53% since April 19, 2016 and is downtrending. It has underperformed by 8.86% the S&P500.
More recent ISHARES GOLD BULLION ETF HDG (TSE:CGL) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on July 11, 2010. Also Zacks.com published the news titled: “Gold ETF Investing: 10 Facts Investors Need to Know” on June 09, 2016. Fool.ca‘s news article titled: “3 Reasons Why I Am Bullish on Silver” with publication date: August 18, 2014 was also an interesting one.
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