The stock of LYXOR INTERNATIONAL ASSET MANAGEMENT LYXOR UCITS ETF FTSE MIB (LON:MIBX) gapped up by GBX 21.54 today and has GBX 1538.87 target or 9.00% above today’s GBX 1411.81 share price. The 5 months technical chart setup indicates low risk for the GBX company. The gap was reported on Nov, 30 by Barchart.com. If the GBX 1538.87 price target is reached, the company will be worth GBX 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%. The ETF increased 2.16% or GBX 29.81 on November 30, hitting GBX 1411.81. About 391,000 shares traded hands or 295.03% up from the average. LYXOR INTERNATIONAL ASSET MANAGEMENT LYXOR UCITS ETF FTSE MIB (LON:MIBX) has declined 4.46% since April 22, 2016 and is downtrending. It has underperformed by 9.69% the S&P500.
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