Is Buying PowerShares Dynamic Basic Material (ETF) (PYZ) Here a Winning Strategy? The Stock Formed Descending Triangle Pattern

June 20, 2017 - By Clifton Ray

The stock of PowerShares Dynamic Basic Material (ETF) (PYZ) formed a descending triangle with $62.46 target or 3.00 % above today’s $60.64 share price. The 8 months triangle pattern indicates low risk for the $97.25 million company. If the $62.46 price target is reached, the company will be worth $2.92 million more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The ETF increased 1.18% or $0.71 during the last trading session, reaching $60.64. About shares traded. PowerShares Dynamic Basic Material (ETF) (NASDAQ:PYZ) has risen 15.90% since June 20, 2016 and is uptrending. It has underperformed by 0.80% the S&P500.

Another recent and important PowerShares Dynamic Basic Material (ETF) (NASDAQ:PYZ) news was published by Etftrends.com which published an article titled: “Trump’s Wall Reinforces Materials ETFs” on January 25, 2017.

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