The stock of POWERSHARES GLBAL FUNDS IRELAND PLC POWERSHARES EQQQ NASDAQ-100 UCITS ETF (LON:EQQQ) gapped down by GBX 91 today and has GBX 8876.16 target or 4.00% below today’s GBX 9246.00 share price. The 6 months technical chart setup indicates high risk for the GBX company. The gap down was reported on Dec, 1 by Barchart.com. If the GBX 8876.16 price target is reached, the company will be worth GBX less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The ETF decreased 2.78% or GBX 264 on December 1, hitting GBX 9246. About 12,669 shares traded hands. POWERSHARES GLBAL FUNDS IRELAND PLC POWERSHARES EQQQ NASDAQ-100 UCITS ETF (LON:EQQQ) has risen 8.63% since April 25, 2016 and is uptrending. It has outperformed by 2.70% the S&P500.
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