The stock of iShares S&P TSX Capped Energy Index Fund (TSE:XEG) gapped down by $0.19 today and has $12.16 target or 6.00% below today’s $12.94 share price. The 8 months technical chart setup indicates high risk for the $1.07B company. The gap down was reported on Nov, 29 by Barchart.com. If the $12.16 price target is reached, the company will be worth $64.20 million 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 622,752 shares traded hands. iShares S&P TSX Capped Energy Index Fund (TSE:XEG) has risen 13.43% since April 25, 2016 and is uptrending. It has outperformed by 8.17% the S&P500.
More notable recent iShares S&P TSX Capped Energy Index Fund (TSE:XEG) news were published by: Fool.ca which released: “The Best ETF to Play Oil’s Continuing Volatility” on August 29, 2016, also Theglobeandmail.com with their article: “ETFs to ride the Canadian energy sector roller coaster” published on March 18, 2011, Marketwired.com published: “BlackRock(R) Canada Announces September Cash Distributions for the iShares(R) ETFs” on September 07, 2016. More interesting news about iShares S&P TSX Capped Energy Index Fund (TSE:XEG) were released by: Marketwired.com and their article: “BlackRock® Canada Announces June Cash Distributions for the iShares® ETFs” published on June 08, 2016 as well as Theglobeandmail.com‘s news article titled: “ETFs you should get to know – and those to avoid” with publication date: August 24, 2012.
iShares S&P/TSX Capped Energy Index Fund, formerly iShares CDN S&P/TSX Capped Energy Index Fund, seeks to provide long-term capital growth by replicating, to the extent possible, the performance of the S&P/TSX Capped Energy Index through investments in the constituent issuers of such index. The company has a market cap of $1.07 billion. The Index consists of securities of Canadian energy sector issuers listed on the TSX, selected by Standard & Poor’s (S&P) using its industrial classifications and guidelines for evaluating issuer capitalization, liquidity and fundamentals. It currently has negative earnings. The Index includes stocks belonging to the S&P/TSX Energy industry sector classification, with the weight of any one firm capped at 25% of the market capitalization of the Index.
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