The stock of ISHARES III PLC ISHRS MSCI SOUTH AFRICA ETF USD (ACC) (LON:IRSA) gapped down by GBX 0.205 today and has GBX 26.29 target or 6.00% below today’s GBX 27.97 share price. The 6 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Nov, 30 by Barchart.com. If the GBX 26.29 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 2.49% or GBX 0.72 on November 30, hitting GBX 27.97. About 12,333 shares traded hands or 111.07% up from the average. ISHARES III PLC ISHRS MSCI SOUTH AFRICA ETF USD (ACC) (LON:IRSA) has risen 6.00% since October 31, 2016 and is uptrending. It has outperformed by 0.77% the S&P500.
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