The stock of BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) gapped down by $0.08 today and has $12.01 target or 3.00% below today’s $12.38 share price. The 9 months technical chart setup indicates high risk for the $212.68 million company. The gap down was reported on Nov, 25 by Barchart.com. If the $12.01 price target is reached, the company will be worth $6.38M 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 22,276 shares traded hands. BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) has risen 12.08% since April 21, 2016 and is uptrending. It has outperformed by 6.67% the S&P500.
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