Does This Provide a Reason to Sell Semiconductor Manufacturing International Corporation (SMI)? The Stock Has Formed Bearish Ascending Triangle Chart Pattern

July 16, 2018 - By Megan Stone

Semiconductor Manufacturing International Corporation (NYSE:SMI) Logo

The stock of Semiconductor Manufacturing International Corporation (SMI) formed an ascending triangle with $6.01 target or 3.00 % below today’s $6.20 share price. The 9 months triangle pattern indicates high risk for the $6.20 billion company. If the $6.01 price target is reached, the company will be worth $185.88 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 0.64% or $0.04 during the last trading session, reaching $6.2. About 57,047 shares traded. Semiconductor Manufacturing International Corporation (NYSE:SMI) has risen 21.27% since July 16, 2017 and is uptrending. It has outperformed by 8.70% the S&P500.

Semiconductor Manufacturing International Corporation (NYSE:SMI) Ratings Coverage

Among 3 analysts covering Semiconductor Manufacturing (NYSE:SMI), 0 have Buy rating, 2 Sell and 1 Hold. Therefore 0 are positive. Semiconductor Manufacturing had 3 analyst reports since February 12, 2018 according to SRatingsIntel. Citigroup downgraded the stock to “Sell” rating in Monday, February 12 report. The rating was downgraded by J.P. Morgan on Monday, February 12 to “Sell”. The stock of Semiconductor Manufacturing International Corporation (NYSE:SMI) has “Neutral” rating given on Friday, May 11 by Nomura.

Semiconductor Manufacturing International Corporation, an investment holding company, engages in the computer-aided design, manufacture, testing, packaging, and trading of integrated circuits and other semiconductor services. The company has market cap of $6.20 billion. It also creates and makes semiconductor masks; and makes and trades in solar cell related semiconductor products. It has a 42.76 P/E ratio. In addition, the firm is involved in the bumping and circuit probe testing, as well as marketing related activities.

Semiconductor Manufacturing International Corporation (NYSE:SMI) Ratings Chart

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