The stock of HORIZONS COMEX GOLD ETF (TSE:HUG) gapped down by $0.04 today and has $9.96 target or 9.00% below today’s $10.95 share price. The 8 months technical chart setup indicates high risk for the $6.87M company. The gap down was reported on Dec, 1 by Barchart.com. If the $9.96 price target is reached, the company will be worth $618,300 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%. About 28,750 shares traded hands or 1160.96% up from the average. HORIZONS COMEX GOLD ETF (TSE:HUG) has declined 7.80% since April 27, 2016 and is downtrending. It has underperformed by 13.73% the S&P500.
More recent HORIZONS COMEX GOLD ETF (TSE:HUG) news were published by: Theglobeandmail.com which released: “Six ETFs to capture gold’s seasonal strength” on July 11, 2014. Also Theglobeandmail.com published the news titled: “Catch gold’s high season with these ETFs” on July 02, 2013. Fool.ca‘s news article titled: “How You Can Participate in the Surging Gold Price” with publication date: February 12, 2016 was also an interesting one.
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