The stock of BMO SPTSX EQL WGT GLB METAL HED CAD ETF (TSE:ZMT) gapped up by $0.05 today and has $10.51 target or 4.00% above today’s $10.11 share price. The 6 months technical chart setup indicates low risk for the $112.73 million company. The gap was reported on Nov, 24 by Barchart.com. If the $10.51 price target is reached, the company will be worth $4.51M 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 22,928 shares traded hands or 29.92% up from the average. BMO SPTSX EQL WGT GLB METAL HED CAD ETF (TSE:ZMT) has risen 36.85% since April 20, 2016 and is uptrending. It has outperformed by 31.44% the S&P500.
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