What Next for BlueLinx Holdings Inc. (BXC) After Forming Bearish Ascending Triangle Chart Pattern?

July 17, 2017 - By Adrian Erickson

The stock of BlueLinx Holdings Inc. (BXC) formed an ascending triangle with $10.29 target or 3.00 % below today’s $10.61 share price. The 9 months triangle pattern indicates high risk for the $95.97M company. If the $10.29 price target is reached, the company will be worth $2.88 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.

The stock decreased 0.84% or $0.09 on July 17, reaching $10.61. About 28,999 shares traded or 54.64% up from the average. BlueLinx Holdings Inc. (NYSE:BXC) has risen 34.71% since July 17, 2016 and is uptrending. It has outperformed by 18.01% the S&P500.

More notable recent BlueLinx Holdings Inc. (NYSE:BXC) news were published by: Bna.com which released: “BlueLinx to Pay $265K to Settle Whistle-Blower Violation” on August 11, 2016, also Seekingalpha.com with their article: “BlueLinx Holdings’ (BXC) CEO Mitchell Lewis on Q4 2015 Results – Earnings Call …” published on March 24, 2016, Globenewswire.com published: “BlueLinx Holdings Inc. Announces Three-Year Real Estate Loan Deal” on February 01, 2016. More interesting news about BlueLinx Holdings Inc. (NYSE:BXC) were released by: Seekingalpha.com and their article: “BlueLinx: A Turnaround Story With Strong Business Moat” published on May 15, 2017 as well as Law360.com‘s news article titled: “SEC Shows No Patience For Muzzling Whistleblowers” with publication date: August 12, 2016.

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