BlackRock MuniYield Quality Fund III, Inc. (MYI) on Focus After Forming Ascending Triangle Chart Pattern

September 8, 2018 - By Vernon Prom

The stock of BlackRock MuniYield Quality Fund III, Inc. (MYI) formed an ascending triangle with $11.86 target or 4.00 % below today’s $12.35 share price. The 6 months triangle pattern indicates high risk for the $841.66M company. If the $11.86 price target is reached, the company will be worth $33.67M 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 $0.08 during the last trading session, reaching $12.35. About 220,207 shares traded or 22.29% up from the average. BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI) has declined 13.01% since September 8, 2017 and is downtrending. It has underperformed by 25.58% the S&P500.

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