What’s Ahead for Support.com, Inc. (SPRT) After Forming Bearish Ascending Triangle?

June 20, 2018 - By Michael Collier

Support.com, Inc. (NASDAQ:SPRT) Logo

The stock of Support.com, Inc. (SPRT) formed an ascending triangle with $2.85 target or 3.00 % below today’s $2.94 share price. The 5 months triangle pattern indicates high risk for the $55.08M company. If the $2.85 price target is reached, the company will be worth $1.65 million 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 stock decreased 1.01% or $0.03 during the last trading session, reaching $2.94. About 58,016 shares traded or 95.31% up from the average. Support.com, Inc. (NASDAQ:SPRT) has risen 15.79% since June 21, 2017 and is uptrending. It has outperformed by 3.22% the S&P500.

Support.com, Inc. provides cloud-based software and services primarily in North America. The company has market cap of $55.08 million. The firm offers turnkey, outsourced support services for service providers, retailers, Internet of Things solution providers, and technology companies. It currently has negative earnings. The Company’s technology support services programs include computer and mobile device set-up, security and support, virus and malware removal, wireless network set-up, and home security and automation system support for both the consumer and small and medium business markets.

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