The stock of iShares S&P TSX 60 Index Fund (TSE:XIU) gapped down by $0.09 today and has $20.95 target or 6.00% below today’s $22.29 share price. The 9 months technical chart setup indicates high risk for the $12.73B company. The gap down was reported on Nov, 23 by Barchart.com. If the $20.95 price target is reached, the company will be worth $763.80M 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 341,009 shares traded hands. iShares S&P TSX 60 Index Fund (TSE:XIU) has risen 9.98% since April 19, 2016 and is uptrending. It has outperformed by 4.65% 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: Theglobeandmail.com and their article: “ETFs you should get to know – and those to avoid” published on August 24, 2012 as well as Fool.ca‘s news article titled: “New Investors: Should You Buy ETFs or Stocks?” with publication date: February 18, 2016.
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 $12.73 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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