The stock of ISHARES GOLD BULLION ETF HDG (TSE:CGL) gapped down by $0.02 today and has $9.81 target or 4.00% below today’s $10.22 share price. The 8 months technical chart setup indicates high risk for the $312.62M company. The gap down was reported on Dec, 1 by Barchart.com. If the $9.81 price target is reached, the company will be worth $12.50M 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 43,642 shares traded hands. ISHARES GOLD BULLION ETF HDG (TSE:CGL) has declined 6.65% since April 27, 2016 and is downtrending. It has underperformed by 12.57% the S&P500.
Another recent and important ISHARES GOLD BULLION ETF HDG (TSE:CGL) news was published by Theglobeandmail.com which published an article titled: “The Globe and Mail” on July 11, 2010.
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