Is HORIZONS ENHANCED INCOME GOLD PROD ETF a Sell? The Stock Gapped Down Today

 Is HORIZONS ENHANCED INCOME GOLD PROD ETF a Sell? The Stock Gapped Down Today

The stock of HORIZONS ENHANCED INCOME GOLD PROD ETF (TSE:HEP) gapped down by $0.23 today and has $23.57 target or 3.00% below today’s $24.30 share price. The 5 months technical chart setup indicates high risk for the $36.40M company. The gap down was reported on Dec, 1 by Barchart.com. If the $23.57 price target is reached, the company will be worth $1.09 million 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 16,413 shares traded hands or 58.12% up from the average. HORIZONS ENHANCED INCOME GOLD PROD ETF (TSE:HEP) has declined 11.70% since April 27, 2016 and is downtrending. It has underperformed by 17.62% the S&P500.

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