ReneSola Ltd (SOL) Could Help Your Portfolio. The Stock Formed Descending Triangle Pattern

October 2, 2018 - By Michael Collier

The stock of ReneSola Ltd (SOL) formed a descending triangle with $2.24 target or 9.00 % above today’s $2.05 share price. The 5 months triangle pattern indicates low risk for the $78.22M company. If the $2.24 price target is reached, the company will be worth $7.04M 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 2.74% or $0.0548 during the last trading session, reaching $2.0548. About 2,855 shares traded. ReneSola Ltd (NYSE:SOL) has declined 1.31% since October 2, 2017 and is downtrending. It has underperformed by 16.93% the S&P500.

More news for ReneSola Ltd (NYSE:SOL) were recently published by: Seekingalpha.com, which released: “ReneSola’s (SOL) CEO Xianshou Li on Q2 2018 Results – Earnings Call Transcript” on September 06, 2018. Seekingalpha.com‘s article titled: “ReneSola Ltd. 2018 Q2 – Results – Earnings Call Slides” and published on September 06, 2018 is yet another important article.

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. The company has market cap of $78.22 million. It operates through three divisions: solar power project development, EPC services, and electricity revenue generation. It has a 0.74 P/E ratio. The firm also develops community solar gardens; and sells projects rights.

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