Will BMO SP 500 INDEX ETF Short Squeeze Soon? The Stock Just Gapped Down

 Will BMO SP 500 INDEX ETF Short Squeeze Soon? The Stock Just Gapped Down

The stock of BMO SP 500 INDEX ETF (TSE:ZSP) gapped down by $0.1 today and has $31.08 target or 4.00% below today’s $32.38 share price. The 5 months technical chart setup indicates high risk for the $2.82 billion company. The gap down was reported on Dec, 1 by Barchart.com. If the $31.08 price target is reached, the company will be worth $112.80 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 21,445 shares traded hands. BMO SP 500 INDEX ETF (TSE:ZSP) has risen 12.13% since April 27, 2016 and is uptrending. It has outperformed by 6.21% the S&P500.

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