The stock of First Asset Canadian REIT Income Fund (TSE:RIT) gapped up by $0.03 today and has $15.80 target or 7.00% above today’s $14.77 share price. The 8 months technical chart setup indicates low risk for the $183.58M company. The gap was reported on Nov, 30 by Barchart.com. If the $15.80 price target is reached, the company will be worth $12.85M 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 11,211 shares traded hands. First Asset Canadian REIT Income Fund (TSE:RIT) has risen 2.22% since April 26, 2016 and is uptrending. It has underperformed by 3.01% the S&P500.
More news for First Asset Canadian REIT Income Fund (TSE:RIT) were recently published by: Business.Financialpost.com, which released: “Jonathan Chevreau: Why fund investors should get active with their ETFs” on September 08, 2015. Theglobeandmail.com‘s article titled: “If volatility is so low, why is portfolio risk so high?” and published on August 28, 2016 is yet another important article.
First Asset Canadian Reit Income Fund , formerly First Asset REIT Income Fund, is a Canada closed-end investment trust. The company has a market cap of $183.58 million. The Fund’s investment objectives is to provide holders with the benefits of high monthly cash distributions together with the opportunity for capital appreciation through the active management of a diversified portfolio of real estate investment trusts (REITs) and real estate firms that are listed on Canadian stock exchanges. It has a 9.83 P/E ratio. The investment portfolio provides diversification among various real estate holdings, including apartment buildings, shopping centers, office buildings and nursing/retirement homes, among others.
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