The stock of China Ming Yang Wind Power Group Ltd (MY) formed a descending triangle with $4.39 target or 112.00% above today’s $2.07 share price. The 6 months triangle pattern indicates low risk for the $318.29M company. If the $4.39 price target is reached, the company will be worth $356.48M 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 is 0.00% or $0 after the news, hitting $2.07 per share. It is down 29.59% since April 16, 2015 and is downtrending. It has underperformed by 27.00% the S&P500.
Analysts await China Ming Yang Wind Power Group Ltd (NYSE:MY) to reports earnings on November, 23.
According to Zacks, “China Ming Yang Wind Power Group Limited operates as a wind turbine manufacturer focused on designing, manufacturing, selling and servicing megawatt-class wind turbines in China. The Company produces megawatt-class grid-connected horizontal-axis wind turbines, equipped with a double-fed constant frequency induction generator. Its wind turbines are variable speed wind turbines, where the rotor rotates at variable speeds. Its customers include the five largest Chinese state-owned power producers: China Datang, Huadian, Guodian, CPIC and Huaneng, or their alternative energy subsidiaries. China Ming Yang Wind Power Group Limited is headquartered in Guangdong, People’s Republic of China.”
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