EastGroup Properties, Inc. (EGP – Free Report) has had some recent difficulties, but commercial pressure may soon come to an end. Indeed, EGP has recently seen a hammer chart pattern that may indicate that the stock is close to the bottom.
What is a Hammer Chart pattern?
A hammer chart model is a popular technical indicator used in candlestick mapping. The hammer appears when a title collapses during the day, but then finds the force needed at any given time of the session to close near or above its opening price. This forms a hammer-like candlestick, and this may suggest that the market has found a low point in the stock and that better days are coming.
In addition, the company's earnings estimates have risen, even despite the slowdown in deals recently. In the last 60 days alone, 2 estimates have increased, while no consensus estimate has also moved in the right direction.
The estimates have actually increased so much that the stock now has a # 2 Zacks ranking (buy) suggesting that this relatively unpopular stock may soon be exhausted. This will be especially true if EGP actions can build momentum from there and find a way to continue to grow beyond this encouraging business development. You can see You will find here the complete list of Zacks actions # 1 of the current rank (strong purchase).
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