What’s Next for Scorpio Bulkers Inc. 7.5% SR NT 19 (SLTB) After Forming Ascending Triangle?

September 8, 2018 - By Jack Shaw

The stock of Scorpio Bulkers Inc. 7.5% SR NT 19 (SLTB) formed an ascending triangle with $24.41 target or 3.00 % below today’s $25.17 share price. The 7 months triangle pattern indicates high risk for the $1.81 billion company. If the $24.41 price target is reached, the company will be worth $54.21 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 0.41% or $0.103 during the last trading session, reaching $25.1658. About 6,577 shares traded or 37.65% up from the average. Scorpio Bulkers Inc. 7.5% SR NT 19 (NYSE:SLTB) has risen 3.94% since September 8, 2017 and is uptrending. It has underperformed by 8.63% the S&P500.

Scorpio Bulkers Inc., a shipping company, owns and operates dry bulk carriers. The company has market cap of $1.81 billion. The Company’s vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. It currently has negative earnings. As of December 31, 2017, the firm owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.

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