Could ESSA Bancorp, Inc. (ESSA) See a Reversal After Having Formed Several Months Bullish Wedge Up Pattern

December 7, 2017 - By Henry Gaston

Investors sentiment increased to 1.29 in Q2 2017. Its up 0.11, from 1.18 in 2017Q1. It increased, as 2 investors sold ESSA Bancorp, Inc. shares while 15 reduced holdings. 3 funds opened positions while 19 raised stakes. 4.58 million shares or 1.02% more from 4.53 million shares in 2017Q1 were reported.
Pnc Fin Services Grp owns 12,500 shares or 0% of their US portfolio. California State Teachers Retirement Systems holds 0% in ESSA Bancorp, Inc. (NASDAQ:ESSA) or 15,722 shares. State Street holds 125,466 shares or 0% of its portfolio. Riggs Asset Managment Co accumulated 624 shares. Bridgeway Management has 137,200 shares. Barclays Public Ltd Co has 0% invested in ESSA Bancorp, Inc. (NASDAQ:ESSA). Bancorporation Of Montreal Can invested in 0% or 79 shares. Geode Capital Mngmt Lc invested in 0% or 56,576 shares. Ameritas Invest Inc invested in 636 shares. Oppenheimer & Close Ltd Llc holds 119,600 shares or 1.81% of its portfolio. Group has 5,503 shares. Blackrock holds 0% or 410,652 shares in its portfolio. Martingale Asset Mgmt Limited Partnership reported 0.01% of its portfolio in ESSA Bancorp, Inc. (NASDAQ:ESSA). Renaissance Techs Ltd Llc invested in 0.01% or 440,700 shares. Retail Bank Of New York Mellon invested in 57,289 shares or 0% of the stock.

The stock of ESSA Bancorp, Inc. (ESSA) formed an up wedge with $16.66 target or 5.00 % above today’s $15.87 share price. The 9 months wedge indicates low risk for the $160.40 million company. If the $16.66 price target is reached, the company will be worth $8.02 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.06% or $0.01 during the last trading session, reaching $15.87. About 4,402 shares traded. ESSA Bancorp, Inc. (NASDAQ:ESSA) has risen 7.02% since December 8, 2016 and is uptrending. It has underperformed by 9.68% the S&P500.

More news for ESSA Bancorp, Inc. (NASDAQ:ESSA) were recently published by: Delcotimes.com, which released: “Upper Darby’s Eagle National Bank sold to ESSA Bancorp” on August 01, 2015. Globenewswire.com‘s article titled: “ESSA Bancorp, Inc. (Nasdaq: ESSA) to Ring The Nasdaq Stock Market Closing Bell” and published on November 15, 2016 is yet another important article.

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