What’s Next for 500.com Limited (WBAI) After Forming Multiple Top?

September 16, 2018 - By Ellis Scott

The stock of 500.com Limited (WBAI) shows a multiple tops pattern with $12.25 target or 6.00 % above today’s $11.56 share price. The 9 months chart pattern indicates low risk for the $488.47 million company. It was reported on Sep, 16 by Finviz.com. If the $12.25 price target is reached, the company will be worth $29.31 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.69% or $0.08 during the last trading session, reaching $11.56. About 32,327 shares traded. 500.com Limited (NYSE:WBAI) has risen 6.50% since September 16, 2017 and is uptrending. It has underperformed by 9.12% the S&P500.

500.com Limited provides online sports lottery services in the People's Republic of China. The company has market cap of $488.47 million. It operates as an aggregator and processor of lottery purchase orders from its registered user accounts. It currently has negative earnings. The firm offers a suite of online lottery services, information, user tools, and virtual community venues.

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