Could Manulife Financial Corporation (USA) (MFC) Decrease Even More? The Stock Formed Wedge Down Pattern

June 20, 2017 - By Vivian Park

The stock of Manulife Financial Corporation (USA) (MFC) formed a down wedge with $16.85 target or 8.00 % below today’s $18.31 share price. The 8 months wedge indicates high risk for the $36.70 billion company. If the $16.85 price target is reached, the company will be worth $2.94B less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

About 680,842 shares traded. Manulife Financial Corporation (USA) (NYSE:MFC) has risen 24.00% since June 20, 2016 and is uptrending. It has outperformed by 7.30% the S&P500.

Manulife Financial Corporation (USA) (NYSE:MFC) Ratings Coverage

Among 5 analysts covering Manulife Financial Corp. (NYSE:MFC), 4 have Buy rating, 0 Sell and 1 Hold. Therefore 80% are positive. Manulife Financial Corp. had 8 analyst reports since July 29, 2015 according to SRatingsIntel. The rating was downgraded by IBC to “Sector Perform” on Thursday, August 4. The rating was initiated by Bank of America on Wednesday, August 24 with “Buy”. The firm has “Buy” rating given on Friday, August 7 by TD Securities. The company was initiated on Wednesday, September 21 by Dundee Securities. RBC Capital Markets maintained it with “Outperform” rating and $26 target in Friday, August 7 report. The firm has “Outperform” rating given on Friday, November 13 by RBC Capital Markets.

More notable recent Manulife Financial Corporation (USA) (NYSE:MFC) news were published by: Fool.ca which released: “3 Reasons Manulife Financial Corp. Should Be in Your Portfolio” on February 14, 2017, also Fool.ca with their article: “Need International Diversification? Buy Manulife Financial Corp.” published on May 12, 2017, Fool.ca published: “Why Manulife Financial Corp. Could Outperform in 2017” on November 03, 2016. More interesting news about Manulife Financial Corporation (USA) (NYSE:MFC) were released by: Fool.ca and their article: “Manulife Financial Corp. vs. Sun Life Financial Inc.: 1 of These Life Insurers …” published on June 13, 2017 as well as Fool.ca‘s news article titled: “Manulife Financial Corp. Adds Important Dimension to its Business” with publication date: February 09, 2017.

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