Bearish Gap Down for Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) After Worse Fundamentals

 Bearish Gap Down for Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) After Worse Fundamentals

The stock of Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) (TSE:HOD) gapped down by $1.42 today and has $10.68 target or 3.00% below today’s $11.01 share price. The 6 months technical chart setup indicates high risk for the $55.29M company. The gap down was reported on Nov, 30 by Barchart.com. If the $10.68 price target is reached, the company will be worth $1.66 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 3.42 million shares traded hands or 73.60% up from the average. Hori. Beta. NYMEX Cr. Oil Br. Pl (ETF) (TSE:HOD) has declined 9.38% since April 26, 2016 and is downtrending. It has underperformed by 14.61% 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 $55.29 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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