Chart Mover of the Day: Could Optical Cable Corporation Recover After Forming a Ascending Triangle Pattern?

Chart Mover of the Day: Could Optical Cable Corporation Recover After Forming a Ascending Triangle Pattern?

The stock of Optical Cable Corporation (OCC) formed an ascending triangle with $3.26 target or 7.00% below today’s $3.50 share price. The 7 months triangle pattern indicates high risk for the $23.66M company. If the $3.26 price target is reached, the company will be worth $1.66 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. About 49,488 shares traded hands or 285.93% up from the average. Optical Cable Corporation (NASDAQ:OCC) has risen 34.62% since June 7, 2016 and is uptrending. It has outperformed by 27.19% the S&P500.

Analysts await Optical Cable Corporation (NASDAQ:OCC) to report earnings on January, 26.

According to Zacks Investment Research, “Optical Cable Corporation is a leading manufacturer of fiber optic cables primarily sold into the enterprise market, and the premier manufacturer of military ground tactical fiber optic cable for the U.S. military. Optical Cable Corporation pioneered the design and production of fiber optic cables for the most demanding military field applications, as well as fiber optic cables suitable for both indoor and outdoor use. The Company’s current broad product offering is built on the evolution of these fundamental technologies, and is designed to provide end-users with fiber optic cables that are easy and economical to install, provide a high degree of reliability and offer outstanding performance characteristics. Optical Cable Corporation sells its products worldwide for uses ranging from commercial and campus installations to customized products for specialty applications and harsh environments, including military applications.”

OCC Company Profile

Optical Cable Corporation (OCC), incorporated on June 10, 1983, is a maker of a range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market, and various harsh environment and specialty markets (the non-carrier markets). The Firm also makes and sells a range of products in the wireless carrier market. OCC’s product offerings include creates for uses ranging from enterprise networks, datacenters, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining, petrochemical, wireless carrier and broadcast applications. The Firm markets and sells its harsh environment and specialty connectivity product offering, through Applied Optical Systems, Inc., under the names Optical Cable Corporation and OCC.

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