First Trust California Muni Hi Inc ETF (FCAL) Can’t Be More Risky. The Stock Formed a Bearish Ascending Triangle Pattern

May 17, 2018 - By Jimmy Baldridge

The stock of First Trust California Muni Hi Inc ETF (FCAL) formed an ascending triangle with $47.22 target or 6.00 % below today’s $50.23 share price. The 8 months triangle pattern indicates high risk for the $14.93 million company. If the $47.22 price target is reached, the company will be worth $895,800 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 ETF increased 0.56% or $0.28 during the last trading session, reaching $50.23. About 100 shares traded. First Trust California Muni Hi Inc ETF (NASDAQ:FCAL) has 0.00% since May 17, 2017 and is . It has underperformed by 11.55% the S&P500.

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