The stock of Horizons BetaPro COMEX Silver Bull Plus ETF (TSE:HZU) gapped down by $0.46 today and has $15.02 target or 6.00% below today’s $15.98 share price. The 6 months technical chart setup indicates high risk for the $26.24M company. The gap down was reported on Nov, 23 by Barchart.com. If the $15.02 price target is reached, the company will be worth $1.57M 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 24,877 shares traded hands. Horizons BetaPro COMEX Silver Bull Plus ETF (TSE:HZU) has declined 12.85% since April 19, 2016 and is downtrending. It has underperformed by 18.18% the S&P500.
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