The stock of Horizons BetaPro Nasdaq 100 Bear Plus ETF (TSE:HQD) gapped up by $0.14 today and has $18.51 target or 4.00% above today’s $17.80 share price. The 7 months technical chart setup indicates low risk for the $9.67M company. The gap was reported on Dec, 1 by Barchart.com. If the $18.51 price target is reached, the company will be worth $386,800 more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 13,295 shares traded hands. Horizons BetaPro Nasdaq 100 Bear Plus ETF (TSE:HQD) has declined 19.91% since April 27, 2016 and is downtrending. It has underperformed by 25.83% the S&P500.
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