BLACKLINE INC (BL) Sees Hammer Chart Pattern: Time to Buy?
BLACKLINE INC BL has been struggling lately, but the selling pressure may be coming to an end soon. That is because BL 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 BL 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.
Today’s Stocks from Zacks’ Hottest Strategies
It’s hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 – 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we’re willing to share their latest stocks with you without cost or obligation.
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
BLACKLINE INC (BL): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research