What’s Ahead for Eltek Ltd. (ELTK) After Forming Descending Triangle?

September 8, 2018 - By Megan Stone

The stock of Eltek Ltd. (ELTK) formed a descending triangle with $3.75 target or 3.00 % above today’s $3.64 share price. The 7 months triangle pattern indicates low risk for the $7.38 million company. If the $3.75 price target is reached, the company will be worth $221,520 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 0.82% or $0.03 during the last trading session, reaching $3.64. About 3,330 shares traded. Eltek Ltd. (NASDAQ:ELTK) has risen 29.03% since September 8, 2017 and is uptrending. It has outperformed by 16.46% the S&P500.

Eltek Ltd. manufactures, markets, and sells printed circuit boards in Israel, Europe, North America, and Asia. The company has market cap of $7.38 million. It provides a range of custom designed PCBs, such as rigid, double-sided, and multi-layer PCBs; and flexible circuitry, including flex and flex rigid boards. It currently has negative earnings. The firm serves manufacturers of defense and aerospace, medical, industrial, telecom, and networking equipment, as well as contract electronic manufacturers and other industries.

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