The stock of BMO Covered Call Canadian Banks ETF (TSE:ZWB) gapped down by $0.06 today and has $16.84 target or 6.00% below today’s $17.91 share price. The 5 months technical chart setup indicates high risk for the $1.24B company. The gap down was reported on Nov, 25 by Barchart.com. If the $16.84 price target is reached, the company will be worth $74.40M 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 29,572 shares traded hands. BMO Covered Call Canadian Banks ETF (TSE:ZWB) has risen 9.17% since April 21, 2016 and is uptrending. It has outperformed by 3.76% the S&P500.
More notable recent BMO Covered Call Canadian Banks ETF (TSE:ZWB) news were published by: Theglobeandmail.com which released: “The case against covered call ETFs” on May 23, 2014, also Fool.ca with their article: “How to Get a 5.2% Monthly Dividend Yield From the Canadian Banks” published on July 06, 2015, Theglobeandmail.com published: “Three top ETFs from JC Hood’s John Hood” on January 19, 2016. More interesting news about BMO Covered Call Canadian Banks ETF (TSE:ZWB) were released by: Fool.ca and their article: “BMO S&P/TSX Equal Weight Banks Index ETF: Why You Should Own it” published on September 23, 2016 as well as Business.Financialpost.com‘s news article titled: “Covered call ETFs: Good for income, not return” with publication date: February 10, 2012.
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