Bullish Chart Formation for Sharing Economy International Inc. (SEII) After Forming Descending Triangle Pattern

September 16, 2018 - By Matthew Richard

The stock of Sharing Economy International Inc. (SEII) formed a descending triangle with $2.43 target or 9.00 % above today’s $2.23 share price. The 7 months triangle pattern indicates low risk for the $16.46M company. If the $2.43 price target is reached, the company will be worth $1.48 million 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 increased 3.72% or $0.08 during the last trading session, reaching $2.23. About 6,860 shares traded. Sharing Economy International Inc. (NASDAQ:SEII) has declined 31.85% since September 16, 2017 and is downtrending. It has underperformed by 47.47% the S&P500.

Sharing Economy International Inc., through its subsidiaries, makes and sells textile dyeing and finishing machines in the People's Republic of China. The company has market cap of $16.46 million. It designs, makes, and distributes various dyeing and finishing machinery, which are used in dyeing yarns, such as pure cotton, cotton-polyester, terylene, polyester wool, poly-acrylic fiber, nylon, cotton ramie, and wool yarn. It currently has negative earnings. The company's products include airflow dyeing machines, after-treatment drying and compacting machines, and garment washing machines.

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