BMO Junior Gold Index ETF Gaps Up; Strong Momentum for Buyers

 BMO Junior Gold Index ETF Gaps Up; Strong Momentum for Buyers

The stock of BMO Junior Gold Index ETF (TSE:ZJG) gapped up by $0.04 today and has $8.39 target or 4.00% above today’s $8.07 share price. The 7 months technical chart setup indicates low risk for the $74.30 million company. The gap was reported on Nov, 25 by If the $8.39 price target is reached, the company will be worth $2.97M 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 40,560 shares traded hands. BMO Junior Gold Index ETF (TSE:ZJG) has risen 2.17% since April 21, 2016 and is uptrending. It has underperformed by 3.24% the S&P500.

BMO Junior Gold Index ETF invests in the equity securities of gold mining companies. The ETF has a market cap of $74.30 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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