The stock of BMO HIGH YLD US CORP BND HDG CAD IDX ETF (TSE:ZHY) gapped down by $0.03 today and has $13.62 target or 4.00% below today’s $14.19 share price. The 7 months technical chart setup indicates high risk for the $1.15 billion company. The gap down was reported on Nov, 25 by Barchart.com. If the $13.62 price target is reached, the company will be worth $46.00M 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 14,690 shares traded hands. BMO HIGH YLD US CORP BND HDG CAD IDX ETF (TSE:ZHY) has risen 3.25% since April 21, 2016 and is uptrending. It has underperformed by 2.16% the S&P500.
More news for BMO HIGH YLD US CORP BND HDG CAD IDX ETF (TSE:ZHY) were recently published by: Theglobeandmail.com, which released: “Eye on Shorts: What bearish investors are betting against” on March 23, 2016. Theglobeandmail.com‘s article titled: “The Globe and Mail” and published on July 11, 2010 is yet another important article.
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