The stock of Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) (TSE:HOD) gapped up by $0.47 today and has $13.58 target or 5.00% above today’s $12.93 share price. The 8 months technical chart setup indicates low risk for the $50.43 million company. The gap was reported on Nov, 29 by Barchart.com. If the $13.58 price target is reached, the company will be worth $2.52 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 389,420 shares traded hands. Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) (TSE:HOD) has declined 20.03% since April 25, 2016 and is downtrending. It has underperformed by 25.29% the S&P500.
Horizons BetaPro NYMEX Crude Oil Bear Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that correspond to two times (200%) the inverse (opposite) of the daily performance of the New York Mercantile Exchange (NYMEX) light sweet crude oil futures contract for the next delivery month. The ETF has a market cap of $50.43 million. The Fund is managed by BetaPro Management Inc. It currently has negative earnings. ProFund Advisors LLC is the portfolio manager of the Fund.
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