The stock of ETFS COMMODITY SECURITIES LIMITED ETFS 2X DAILY LONG ZINC (LON:LZIC) gapped down by GBX 0.17 today and has GBX 8.09 target or 8.00% below today’s GBX 8.79 share price. The 6 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 8.09 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 13.64% or GBX 1.39 on November 29, hitting GBX 8.79. About 29,328 shares traded hands or 257.31% up from the average. ETFS COMMODITY SECURITIES LIMITED ETFS 2X DAILY LONG ZINC (LON:LZIC) has risen 117.53% since April 20, 2016 and is uptrending. It has outperformed by 112.27% the S&P500.
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