What’s Melrose Bancorp Inc (MELR) Downside After Forming Bearish Ascending Triangle Chart Pattern?

June 20, 2017 - By Michael Collier

Investors sentiment decreased to 0.14 in Q4 2016. Its down 0.86, from 1 in 2016Q3. It fall, as 3 investors sold Melrose Bancorp Inc shares while 4 reduced holdings. 0 funds opened positions while 1 raised stakes. 533,825 shares or 1.71% less from 543,090 shares in 2016Q3 were reported.
Blackrock Mgmt Ltd Limited Liability Company stated it has 355 shares or 0% of all its holdings. Morgan Stanley reported 200 shares. Retail Bank Of America De holds 8 shares. Moreover, Maltese Cap Management Ltd Liability Corp has 0.31% invested in Melrose Bancorp Inc (NASDAQ:MELR) for 194,240 shares. Wellington Group Llp reported 0% of its portfolio in Melrose Bancorp Inc (NASDAQ:MELR). Alliancebernstein Limited Partnership holds 0% or 72,508 shares in its portfolio. Blackrock Fund Advisors owns 0% invested in Melrose Bancorp Inc (NASDAQ:MELR) for 628 shares. Deutsche Retail Bank Ag holds 0% or 3 shares. Seizert Cap Ptnrs Ltd Llc owns 23,417 shares. Seidman Lawrence B reported 97,722 shares stake. Vanguard Grp holds 20,916 shares.

The stock of Melrose Bancorp Inc (MELR) formed an ascending triangle with $16.38 target or 9.00 % below today’s $18.00 share price. The 8 months triangle pattern indicates high risk for the $47.10 million company. If the $16.38 price target is reached, the company will be worth $4.24M 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 increased 2.86% or $0.5 during the last trading session, reaching $18. About shares traded. Melrose Bancorp Inc (NASDAQ:MELR) has risen 18.83% since June 20, 2016 and is uptrending. It has outperformed by 2.13% the S&P500.

Another recent and important Melrose Bancorp Inc (NASDAQ:MELR) news was published by Streetinsider.com which published an article titled: “Mutual-to-Stock IPO for Melrose Bancorp Opens Up 30%” on October 22, 2014.

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