Tractor Supply Company (TSCO – Free Report) has had recent difficulties, but commercial pressure may soon come to an end. This is because TSCO recently saw 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 necessary strength at a time of the session to close near its opening price or above that 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, three estimates have gone higher than ever before, while the 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 TSCO's actions can create momentum from there and find a way to continue to progress 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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