The stock of HORIZONS BETAPRO S&P TSX 60 INVERSE ETF (TSE:HIX) gapped down by $0.03 today and has $6.44 target or 7.00% below today’s $6.93 share price. The 8 months technical chart setup indicates high risk for the $22.27 million company. The gap down was reported on Nov, 30 by Barchart.com. If the $6.44 price target is reached, the company will be worth $1.56 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 31,050 shares traded hands. HORIZONS BETAPRO S&P TSX 60 INVERSE ETF (TSE:HIX) has declined 11.11% since April 26, 2016 and is downtrending. It has underperformed by 16.34% the S&P500.
More notable recent HORIZONS BETAPRO S&P TSX 60 INVERSE ETF (TSE:HIX) news were published by: Theglobeandmail.com which released: “Larry Berman: How to prepare for years of lower-than-average returns” on September 27, 2016, also Theglobeandmail.com with their article: “ETFs you should get to know – and those to avoid” published on August 24, 2012, Fool.ca published: “Here’s How to Invest in the S&P/TSX Composite â€” And Why You May Not Want To” on July 24, 2013. More interesting news about HORIZONS BETAPRO S&P TSX 60 INVERSE ETF (TSE:HIX) were released by: Theglobeandmail.com and their article: “Eye on Shorts: What bearish investors are betting against” published on March 23, 2016 as well as Theglobeandmail.com‘s news article titled: “The myth of ‘sell in May and go away'” with publication date: April 23, 2012.
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