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New Gold Inc. (NGD ) has been struggling lately, but the selling pressure may be coming to an end soon. That is because NGD 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.

Other Factors

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 1 lower, while the consensus estimate has also moved in the right direction. For the complete list of today’s Zacks #1 Rank (Strong Buy) stocks click here.


Source: Zacks Equity Research.

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