Is Major Move Coming For Chinanet Online Holdings Inc (CNET) After This Bearish Ascending Triangle Pattern?

June 20, 2017 - By Vivian Currie

The stock of Chinanet Online Holdings Inc (CNET) formed an ascending triangle with $1.16 target or 8.00 % below today’s $1.26 share price. The 8 months triangle pattern indicates high risk for the $15.45M company. If the $1.16 price target is reached, the company will be worth $1.24M less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

The stock decreased 0.79% or $0.01 on June 19, reaching $1.26. About shares traded. Chinanet Online Holdings Inc (NASDAQ:CNET) has declined 15.56% since June 20, 2016 and is downtrending. It has underperformed by 32.26% the S&P500.

More notable recent Chinanet Online Holdings Inc (NASDAQ:CNET) news were published by: Globenewswire.com which released: “ChinaNet Online Holdings Announces 1-for-2.5 Reverse Split” on August 18, 2016, also Globenewswire.com with their article: “ChinaNet Online Announces Official Launch of SME Intelligent Marketing Data …” published on June 06, 2016, Globenewswire.com published: “ChinaNet Online Holdings Reports First Quarter 2017 Financial Results” on May 16, 2017. More interesting news about Chinanet Online Holdings Inc (NASDAQ:CNET) were released by: Thestreet.com and their article: “Why Chinanet Online Holdings (CNET) Exploded Today” published on February 26, 2014 as well as Globenewswire.com‘s news article titled: “ChinaNet Online Holdings Announces Partnership Agreement With Korean BBQ …” with publication date: September 14, 2015.

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