The stock of BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) gapped up by $0.47 today and has $13.71 target or 9.00% above today’s $12.58 share price. The 6 months technical chart setup indicates low risk for the $203.19 million company. The gap was reported on Nov, 30 by Barchart.com. If the $13.71 price target is reached, the company will be worth $18.29 million 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 22,911 shares traded hands. BMO SP TSX EQL WEIGHT OIL GAS INDEX ETF (TSE:ZEO) has risen 7.25% since April 26, 2016 and is uptrending. It has outperformed by 2.02% the S&P500.
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