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Tronox Limited (TROX) Sees Hammer Chart Pattern: Time to Buy?

Zacks Equity Research
Updated
Is (PSEC) Outperforming Other Finance Stocks This Year?

Tronox Limited (TROX) Sees Hammer Chart Pattern: Time to Buy?

Tronox Limited TROX has been struggling lately, but the selling pressure may be coming to an end soon. That is because TROX 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.

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Other Factors

Plus, earnings estimates have been rising for this company, even despite the sluggish trading lately. In just the past 60 days alone 2 estimates have gone higher, compared to 1 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 TROX 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.

Breaking News: Cryptocurrencies Now Bigger than Visa

The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.

Zacks’ has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.

Click here to access these stocks. >>


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Zacks Investment Research