What’s Next for First Trust Hong Kong AlphaDEX ETF (FHK) After Forming Ascending Triangle Chart Pattern?

December 8, 2017 - By Migdalia James

The stock of First Trust Hong Kong AlphaDEX ETF (FHK) formed an ascending triangle with $38.55 target or 8.00 % below today’s $41.90 share price. The 9 months triangle pattern indicates high risk for the $8.68 million company. If the $38.55 price target is reached, the company will be worth $694,400 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 closed at $41.9 lastly. It is down 20.31% since December 8, 2016 and is uptrending. It has outperformed by 3.61% the S&P500.

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