The stock of CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) gapped up by $0.1 today and has $8.78 target or 4.00% above today’s $8.44 share price. The 7 months technical chart setup indicates low risk for the $15.80M company. The gap was reported on Dec, 1 by Barchart.com. If the $8.78 price target is reached, the company will be worth $632,000 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 53,375 shares traded hands or 196.23% up from the average. CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) has declined 0.88% since May 2, 2016 and is downtrending. It has underperformed by 6.80% the S&P500.
More recent CANADIAN CRUDE OIL INDEX ETF (TSE:CCX) news were published by: Theglobeandmail.com which released: “New ETF to track Canadian crude oil pricing” on May 10, 2015. Also Prnewswire.com published the news titled: “USCF Announces Collaboration On Canadian Crude Oil ETF With Auspice Capital …” on June 17, 2016. Business.Financialpost.com‘s news article titled: “Shedding light on domestic oil prices: New ETF will track Western Canadian …” with publication date: May 04, 2015 was also an interesting one.
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