Traders Are Bearish James Hardie Industries plc (JHX) After The Stock Formed Bearish Wedge Down Pattern

July 13, 2018 - By Andrea Pope

James Hardie Industries plc (NYSE:JHX) Logo

The stock of James Hardie Industries plc (JHX) formed a down wedge with $15.50 target or 8.00 % below today’s $16.85 share price. The 6 months wedge indicates high risk for the $7.43B company. If the $15.50 price target is reached, the company will be worth $594.32M less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock increased 0.47% or $0.079 during the last trading session, reaching $16.849. About 4,315 shares traded. James Hardie Industries plc (NYSE:JHX) has risen 11.57% since July 13, 2017 and is uptrending. It has underperformed by 1.00% the S&P500.

James Hardie Industries plc, together with its subsidiaries, makes and sells fiber cement products. The company has market cap of $7.43 billion. It operates through four divisions: North America Fiber Cement, International Fiber Cement, Other Business, and Research and Development. It has a 51.06 P/E ratio. The firm offers fiber cement interior linings, fiberglass windows, exterior siding products, and related accessories products.

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