A Reversal for ENGlobal Corp (ENG) Is Not Near. The Formed Multiple Bottom Chart Pattern

October 13, 2017 - By Adrian Mccoy

Investors sentiment decreased to 0.4 in Q2 2017. Its down 2.60, from 3 in 2017Q1. It dropped, as 6 investors sold ENGlobal Corp shares while 9 reduced holdings. 1 funds opened positions while 5 raised stakes. 3.69 million shares or 4.78% less from 3.88 million shares in 2017Q1 were reported.
Spark Inv Management, a New York-based fund reported 39,200 shares. Nationwide Fund Advsrs owns 1,900 shares. Creative Planning has 0% invested in ENGlobal Corp (NASDAQ:ENG). Grt Cap Prtnrs Ltd Liability Company invested in 0.02% or 23,088 shares. Blackrock holds 0% or 46,945 shares. 12,520 are held by Art Advsr Ltd Limited Liability Company. Ruggie Capital Grp Inc reported 0% in ENGlobal Corp (NASDAQ:ENG). Northern owns 0% invested in ENGlobal Corp (NASDAQ:ENG) for 361,782 shares. Rmb Mgmt Ltd Liability Co reported 0% in ENGlobal Corp (NASDAQ:ENG). Natl Bank Of Ny Mellon Corporation stated it has 31,918 shares. Vanguard accumulated 262,031 shares or 0% of the stock. Bridgeway Cap Inc invested in 146,381 shares. Renaissance Tech Limited Liability Com stated it has 0% in ENGlobal Corp (NASDAQ:ENG). Panagora Asset Mngmt, a Massachusetts-based fund reported 21,914 shares. 2,157 were accumulated by Morgan Stanley.

The stock of ENGlobal Corp (ENG) shows a multiple bottoms pattern with $1.09 target or 8.00 % below today’s $1.19 share price. The 9 months chart pattern indicates high risk for the $32.38M company. It was reported on Oct, 13 by Finviz.com. If the $1.09 price target is reached, the company will be worth $2.59M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 0.85% or $0.01 on October 12, reaching $1.19. About shares traded. ENGlobal Corp (NASDAQ:ENG) has risen 21.21% since October 13, 2016 and is uptrending. It has outperformed by 4.51% the S&P500.

More news for ENGlobal Corp (NASDAQ:ENG) were recently published by: Valuewalk.com, which released: “ENGlobal Corp (ENG) – Stock To Watch If Oil Prices Stabilize” on April 05, 2016. Globenewswire.com‘s article titled: “ENGlobal Announces Agreement to Sell Its Gulf Coast Engineering and In-Plant …” and published on July 16, 2013 is yet another important article.

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