Ingles Markets, Incorporated IMKTA hasbeen struggling lately, but the selling pressure may be coming to an end soon. That is because IMKTA recently saw a Hammer Chart Pattern which can signal that the stock is nearing a bottom.
What is a Hammer Chart Pattern?
A hammer chart pattern is a popular technical indicator that is used in candlestick charting. The hammer appears when a stock tumbles during the day, but then finds strength at some point in the session to close near or above its opening price. This forms a candlestick that resembles a hammer, and it can suggest that the market has found a low point in the stock, and that better days are ahead.
Plus, earnings estimates have been rising for this company, even despite the sluggish trading lately. In just the past 60 days alone 1 estimate has gone higher, compared to none lower, while the consensus estimate has also moved in the right direction.
Estimates have actually risen so much that the stock now has a Zacks Rank #1 (Strong Buy) suggesting this relatively unloved stock could be due for a breakout soon. This will be especially true if IMKTA stock can build momentum from here and find a way to continue higher of off this encouraging trading development. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don’t buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ingles Markets, Incorporated (IMKTA) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Read more from source here…