Shinhan Financial Group Co., Ltd. (SHG) on Focus After Forming Wedge Down Pattern

September 16, 2018 - By Michael Collier

The stock of Shinhan Financial Group Co., Ltd. (SHG) formed a down wedge with $35.82 target or 6.00 % below today’s $38.11 share price. The 6 months wedge indicates high risk for the $17.98B company. If the $35.82 price target is reached, the company will be worth $1.08B less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock decreased 1.85% or $0.72 during the last trading session, reaching $38.11. About 69,338 shares traded. Shinhan Financial Group Co., Ltd. (NYSE:SHG) has declined 12.86% since September 16, 2017 and is downtrending. It has underperformed by 28.48% the S&P500.

Shinhan Financial Group Co., Ltd. provides financial services and products in South Korea and internationally. The company has market cap of $17.98 billion. The firm operates through Banking, Credit Card, Securities, Life Insurance, and Others divisions. It has a 7.21 P/E ratio. The Company’s retail banking services include mortgage and home equity, and retail lending products; demand, savings, and fixed deposit-taking; checking accounts, and electronic banking and automatic teller machine services; and bill paying, payroll and check-cashing, currency exchange, and wire fund transfer services.

Shinhan Financial Group Co., Ltd. (NYSE:SHG) Ratings Chart

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