What’s Cyclacel Pharmaceuticals, Inc. (CYCC) Upside After Forming Bullish Descending Triangle?

April 17, 2018 - By Vivian Currie

Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) Logo

The stock of Cyclacel Pharmaceuticals, Inc. (CYCC) formed a descending triangle with $1.59 target or 9.00 % above today’s $1.46 share price. The 8 months triangle pattern indicates low risk for the $17.52 million company. If the $1.59 price target is reached, the company will be worth $1.58M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock decreased 6.12% or $0.095 during the last trading session, reaching $1.46. About 254,267 shares traded or 24.69% up from the average. Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) has declined 63.19% since April 17, 2017 and is downtrending. It has underperformed by 74.74% the S&P500.

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