Betashares Crude Oil Index ETF-Currency Hedged (Synthetic) Gaps Up Today, Is Now One of The Best Performers

The stock of Betashares Crude Oil Index ETF-Currency Hedged (Synthetic) (ASX:OOO) gapped up by $0.48 today and has $39.95 target or 194.00% above today’s $13.59 share price. The 8 months technical chart setup indicates low risk for the $ company. The gap was reported on Mar, 7 by Barchart.com. If the $39.95 price target is reached, the company will be worth $ 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%. The ETF increased 5.76% or $0.74 on March 7, hitting $13.59. About 93,576 shares traded hands or 28.46% up from the average. Betashares Crude Oil Index ETF-Currency Hedged (Synthetic) (ASX:OOO) has declined 42.53% since July 31, 2015 and is downtrending. It has underperformed by 37.38% the S&P500.

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