The stock of SSGA SPDR ETFS EUROPE II PLC SPDR S&P US ENERGY UCITS ETF (LON:SXLE) gapped down by GBX 0.043 today and has GBX 18.58 target or 6.00% below today’s GBX 19.77 share price. The 8 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 29 by Barchart.com. If the GBX 18.58 price target is reached, the company will be worth GBX 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%. The ETF decreased 2.64% or GBX 0.54 on November 29, hitting GBX 19.77. About 131,248 shares traded hands. SSGA SPDR ETFS EUROPE II PLC SPDR S&P US ENERGY UCITS ETF (LON:SXLE) has risen 9.68% since April 21, 2016 and is uptrending. It has outperformed by 4.42% the S&P500.
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