Could CANADIAN CRUDE OIL INDEX ETF Change Direction After Today’s Gap Up?

 Could CANADIAN CRUDE OIL INDEX ETF Change Direction After Today's Gap Up?

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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