Traders Are Bearish HORIZONS ENHANCED INCOME GOLD PROD ETF After Today’s Gap Down

 Traders Are Bearish HORIZONS ENHANCED INCOME GOLD PROD ETF After Today's Gap Down

The stock of HORIZONS ENHANCED INCOME GOLD PROD ETF (TSE:HEP) gapped down by $0.24 today and has $23.23 target or 3.00% below today’s $23.95 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 $23.23 price target is reached, the company will be worth $1.09M 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 15,303 shares traded hands or 47.43% 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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