The stock of Betashares S&P ASX 200 Financials Sector ETF (ASX:QFN) gapped up by $0.31 today and has $21.54 target or 112.00% above today’s $10.16 share price. The 8 months technical chart setup indicates low risk for the $ company. The gap was reported on Mar, 2 by Barchart.com. If the $21.54 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 4.74% or $0.46 on March 2, hitting $10.16. About 11,250 shares traded hands or 37.40% up from the average. Betashares S&P ASX 200 Financials Sector ETF (ASX:QFN) has declined 14.46% since June 10, 2015 and is downtrending. It has underperformed by 10.14% the S&P500.
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