Is Selling Newater Technology, Inc. (NEWA) Here a Winning Strategy? The Stock Formed Bearish H&S Chart Pattern

December 20, 2017 - By Michael Collier

The stock of Newater Technology, Inc. (NEWA) formed H&S with $9.03 target or 6.00 % below today’s $9.61 share price. The 7 months Head & Shoulders indicates high risk for the $103.87 million company. It was reported on Dec, 20 by Faxor.com. If the $9.03 price target is reached, the company will be worth $6.23M less.
Head-and-shoulders are one of the best chart patterns to trade. They work in bear and bull markets and according to many researchers have very low failure rate. Even thought they have high pullback rate, such patters usually provide good risk-reward entry opportunities. The percentage of stocks meeting price targets is 55%.

The stock increased 2.67% or $0.25 during the last trading session, reaching $9.61. About 367,458 shares traded or 100.59% up from the average. Newater Technology, Inc. (NASDAQ:NEWA) has 0.00% since December 20, 2016 and is . It has underperformed by 16.70% the S&P500.

More recent Newater Technology, Inc. (NASDAQ:NEWA) news were published by: Prnewswire.com which released: “Newater Technology, Inc. Announces Pricing of Initial Public Offering” on July 28, 2017. Also Prnewswire.com published the news titled: “Newater Technology, Inc. Announces Closing of Initial Public Offering” on August 02, 2017. Prnewswire.com‘s news article titled: “Newater Technology, Inc. Announces Full Exercise of Underwriter’s Over …” with publication date: August 03, 2017 was also an interesting one.

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