The stock of SOURCE MARKETS PUBLIC LIMITED COMPANY SOURCE EURO STOXX OPT BANKS UCITS ETF (LON:S7XP) gapped up by GBX 45.38 today and has GBX 5260.55 target or 8.00% above today’s GBX 4870.88 share price. The 6 months technical chart setup indicates low risk for the GBX company. The gap was reported on Dec, 1 by Barchart.com. If the GBX 5260.55 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 0.94% or GBX 45.38 on December 1, hitting GBX 4870.88. About 24,656 shares traded hands or 42.42% up from the average. SOURCE MARKETS PUBLIC LIMITED COMPANY SOURCE EURO STOXX OPT BANKS UCITS ETF (LON:S7XP) has risen 4.08% since April 21, 2016 and is uptrending. It has underperformed by 1.85% the S&P500.