The stock of BMO Junior Gold Index ETF (TSE:ZJG) gapped down by $0.09 today and has $7.52 target or 5.00% below today’s $7.92 share price. The 7 months technical chart setup indicates high risk for the $77.83M company. The gap down was reported on Nov, 23 by Barchart.com. If the $7.52 price target is reached, the company will be worth $3.89 million 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 89,870 shares traded hands. BMO Junior Gold Index ETF (TSE:ZJG) has risen 4.49% since April 19, 2016 and is uptrending. It has underperformed by 0.84% the S&P500.
BMO Junior Gold Index ETF invests in the equity securities of gold mining companies. The ETF has a market cap of $77.83 million. The Fund seeks to replicate, to the extent possible, the performance of a junior gold companies index, net of expenses. It currently has negative earnings. It seeks to replicate the performance of the Dow Jones North America Select Junior Gold Index.
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