ZTO Express (ZTO) Sees Hammer Chart Pattern: Time to Buy?
ZTO Express (ZTO) has been struggling lately, but the selling pressure may be coming to an end soon.
ZTO Express (Cayman) Inc. ZTO has been struggling lately, but the selling pressure may be coming to an end soon. That is because ZTO 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 5 estimates have 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 #2 (Buy) suggesting this relatively unloved stock could be due for a breakout soon. This will be especially true if ZTO 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.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.See 3 crypto-related stocks now >>
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
ZTO Express Cayman Inc. (ZTO): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research