Chart Mover of the Day: What’s James Hardie Industries plc (ADR) Downside After Forming Bearish Head & Shoulders Chart Pattern?

Chart Mover of the Day: What's James Hardie Industries plc (ADR) Downside After Forming Bearish Head & Shoulders Chart Pattern?

The stock of James Hardie Industries plc (ADR) (JHX) formed H&S with $14.50 target or 9.00% below today’s $15.93 share price. The 9 months Head & Shoulders indicates high risk for the $6.84B company. It was reported on Jan, 11 by If the $14.50 price target is reached, the company will be worth $615.60 million 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%. About 310 shares traded hands. James Hardie Industries plc (ADR) (NYSE:JHX) has risen 1.14% since June 7, 2016 and is uptrending. It has underperformed by 6.28% the S&P500.

According to Zacks Investment Research, “JAMES HARDI-ADR pioneered the development of fibre cement technology in the 1980’s. They have many product applications including: External siding, trim and fascia, ceiling lining and flooring, partitioning, decorative columns, fencing and drainage pipes.”

JHX Company Profile

James Hardie Industries Plc, incorporated on June 17, 2010, is a maker of fiber cement products and systems for internal and external building construction applications in the United States, Australia, New Zealand, and the Philippines. The Company’s operating divisions are North America and Europe Fiber Cement, and Asia Pacific Fiber Cement. The North America and Europe Fiber Cement makes fiber cement interior linings, exterior siding products and related accessories in the United States. The North America and Europe Fiber Cement segment’s products are sold in the United States, Canada and Europe. The Asia Pacific Fiber Cement includes fiber cement manufactured in Australia, New Zealand and the Philippines, and sold in Australia, New Zealand, Asia, the Middle East (Israel, Saudi Arabia, Lebanon and the United Arab Emirates) and various Pacific Islands.

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