The stock of ISHARES V PUBLIC LIMITED COMPANY ISHRS OIL & GAS EXPL & PROD ETF USD ACC (LON:SPOG) gapped down by GBX 11.77 today and has GBX 1348.29 target or 5.00% below today’s GBX 1419.25 share price. The 5 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 1348.29 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 4.56% or GBX 67.75 on November 29, hitting GBX 1419.25. About 12,455 shares traded hands. ISHARES V PUBLIC LIMITED COMPANY ISHRS OIL & GAS EXPL & PROD ETF USD ACC (LON:SPOG) has risen 26.58% since April 21, 2016 and is uptrending. It has outperformed by 21.32% the S&P500.
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