What’s Ahead for Chinanet Online Holdings Inc (CNET) After Forming Bearish Ascending Triangle?

July 17, 2017 - By Vivian Park

The stock of Chinanet Online Holdings Inc (CNET) formed an ascending triangle with $1.06 target or 8.00 % below today’s $1.15 share price. The 6 months triangle pattern indicates high risk for the $14.23 million company. If the $1.06 price target is reached, the company will be worth $1.14 million 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.

It is 0.18% or $0 reaching $1.15 per share. It is down 15.56% since July 17, 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 Holdings Reports First Quarter 2017 Financial Results” published on May 16, 2017, Globenewswire.com published: “ChinaNet Online Holdings Reports Fiscal Year 2016 Financial Results” on April 03, 2017. More interesting news about Chinanet Online Holdings Inc (NASDAQ:CNET) were released by: Globenewswire.com and their article: “ChinaNet Online Holdings Announces Partnership Agreement With Korean BBQ …” published on September 14, 2015 as well as Thestreet.com‘s news article titled: “Why Chinanet Online Holdings (CNET) Exploded Today” with publication date: February 26, 2014.

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