The stock of Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) gapped up by $0.44 today and has $12.50 target or 5.00% above today’s $11.90 share price. The 5 months technical chart setup indicates low risk for the $150.43M company. The gap was reported on Dec, 1 by Barchart.com. If the $12.50 price target is reached, the company will be worth $7.52 million 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 1.14M shares traded hands. Hori. Beta. NYMEX Nat. Gas Bl. Pl. (ETF) (TSE:HNU) has risen 28.46% since April 27, 2016 and is uptrending. It has outperformed by 22.53% the S&P500.
Horizons BetaPro NYMEX Natural Gas Bull Plus ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, to correspond to two times (200%) the daily performance of the New York Mercantile Exchange (NYMEX) natural gas futures contract for the next delivery month. The ETF has a market cap of $150.43 million.
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