Is Buying Stock Like Bank of Montreal (BMO) After This Wedge Up Pattern a Winning Strategy?

December 8, 2017 - By Vivian Park

The stock of Bank of Montreal (BMO) formed an up wedge with $81.41 target or 4.00 % above today’s $78.28 share price. The 9 months wedge indicates low risk for the $51.11B company. If the $81.41 price target is reached, the company will be worth $2.04B more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 0.51% or $0.4 during the last trading session, reaching $78.28. About 425,163 shares traded or 22.50% up from the average. Bank of Montreal (NYSE:BMO) has risen 10.44% since December 8, 2016 and is uptrending. It has underperformed by 6.26% the S&P500.

Bank of Montreal (NYSE:BMO) Ratings Coverage

Among 12 analysts covering Bank Of Montreal (NYSE:BMO), 3 have Buy rating, 0 Sell and 9 Hold. Therefore 25% are positive. Bank Of Montreal had 28 analyst reports since August 4, 2015 according to SRatingsIntel. Bank of America reinitiated Bank of Montreal (NYSE:BMO) on Tuesday, November 1 with “Neutral” rating. On Thursday, May 26 the stock rating was downgraded by TD Securities to “Hold”. The firm earned “Sector Perform” rating on Wednesday, August 24 by RBC Capital Markets. The rating was downgraded by Canaccord Genuity to “Hold” on Thursday, May 26. The firm has “Sector Perform” rating by RBC Capital Markets given on Wednesday, August 26. The firm has “Sector Perform” rating given on Thursday, May 25 by RBC Capital Markets. On Thursday, May 26 the stock rating was downgraded by Scotia Capital to “Sector Perform”. The firm earned “Neutral” rating on Wednesday, November 23 by Credit Suisse. The stock of Bank of Montreal (NYSE:BMO) has “Buy” rating given on Thursday, May 18 by Citigroup. The firm has “Underperform” rating by Credit Suisse given on Tuesday, October 4.

More notable recent Bank of Montreal (NYSE:BMO) news were published by: Fool.ca which released: “Dividend Investors: 3 Reasons to Buy and Hold Bank of Montreal Now” on September 05, 2017, also Bloomberg.com with their article: “Bank of Montreal Falls as Profit From US Unit Disappoints” published on August 29, 2017, Fool.ca published: “Why Bank of Montreal Is a Great Investment Right Now” on August 18, 2017. More interesting news about Bank of Montreal (NYSE:BMO) were released by: Fool.ca and their article: “Bank of Montreal: A Dividend King for Your RRSP” published on November 01, 2017 as well as Fool.ca‘s news article titled: “3 Ways Bank of Montreal Will Provide You With Growth” with publication date: September 19, 2017.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.




Free Email Newsletter

Enter your email address below to get the latest news and analysts' ratings for your stocks with our free daily email newsletter: