The stock of Ho. Beta. S&P TSX Gl. Gld. Br. Pl. (ETF) (TSE:HGD) gapped down by $0.01 today and has $11.11 target or 9.00% below today’s $12.21 share price. The 8 months technical chart setup indicates high risk for the $34.58 million company. The gap down was reported on Nov, 25 by Barchart.com. If the $11.11 price target is reached, the company will be worth $3.11M 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 2.19M shares traded hands. Ho. Beta. S&P TSX Gl. Gld. Br. Pl. (ETF) (TSE:HGD) has declined 14.69% since April 21, 2016 and is downtrending. It has underperformed by 20.10% the S&P500.
Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavor to correspond to two times (200%) the daily performance of the S&P/TSX Global Gold Index. The ETF has a market cap of $34.58 million. In order to achieve its objective, the total underlying notional value of these instruments and/or securities will typically not exceed two times the total assets of the ETF. It currently has negative earnings. Assets not invested in financial instruments or equity securities may be invested in debt instruments or money market instruments with a term not to exceed 365 days, or reverse repurchase agreements with a term not to exceed 30 days.
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