Is BMO SP 500 INDEX ETF a Sell? The Stock Gapped Down Today

 Is BMO SP 500 INDEX ETF a Sell? The Stock Gapped Down Today

The stock of BMO SP 500 INDEX ETF (TSE:ZSP) gapped down by $0.13 today and has $31.37 target or 4.00% below today’s $32.68 share price. The 6 months technical chart setup indicates high risk for the $2.83 billion company. The gap down was reported on Nov, 28 by Barchart.com. If the $31.37 price target is reached, the company will be worth $113.20M 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 270,420 shares traded hands. BMO SP 500 INDEX ETF (TSE:ZSP) has risen 13.03% since April 22, 2016 and is uptrending. It has outperformed by 7.02% the S&P500.

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