City Holding Company (CHCO – Free Report) has struggled recently, but commercial pressure may soon stop. That's because CHCO recently saw a hammer chart pattern that may signal that the stock is close to a 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.

Other factors

In addition, the company's earnings estimates have risen, even despite the slowdown in deals recently. In the last 60 days alone 1, the estimate has increased, while the consensus estimate has also moved in the right direction.

The estimates have actually increased so much that the title now has a # 1 Zacks ranking (strong buy), suggesting that this relatively unpopular title might well be subject to an upcoming breakout. This will be especially true if CHCO actions can create momentum from there and find a way to continue higher from this encouraging business development. You can see You will find here the complete list of Zacks actions # 1 of the current rank (strong purchase).

More news on the stock: it's bigger than the iPhone!

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