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Eton Pharmaceuticals Sees Hammer Chart Pattern: Time to Buy?

Eton Pharmaceuticals Sees Hammer Chart Pattern: Time to Buy?

Eton Pharmaceuticals, Inc. ETON has been struggling lately, but the selling pressure may be coming to an end soon. That is because ETON 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 2 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 ETON 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.

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ATOM/USD’s daily chart looks constructive, $8 back in sight

ATOM/USD’s daily chart looks constructive, $8 back in sight

  • Cosmos challenging critical resistance near $5.85 region.
  • The No. 21 coin charts a symmetrical triangle breakout on daily sticks
  • ATOM/USD’s path of least resistance is to the upside.

Cosmos (ATOM/USD) hovers near six-week highs of $5.86, consolidating the five-day winning streak on Sunday.

Despite a pause in the rally over the last hour, the bullish momentum remains intact amid a symmetrical triangle pattern confirmed on the daily chart on Saturday.

A decisive break above the horizontal 50-daily moving average (DMA) seen earlier on the day, bolstered the bullish sentiment around Cosmos.

Note that the spot last closed above the said resistance on September 12. Therefore, buyers eye a daily closing above 50-DMA to create fresh long positions. The 14-day Relative Strength Index edges higher above the 50 level, allowing more gains.

Following the triangle breakout above the $5.20 hurdle, the bulls now gather pace for a test of the pattern target aligned just above the $8 mark over the coming weeks.

Ahead of that level, the September 3 high of $6.73 could probably be challenged.

To the downside, the immediate cushion awaits at the pattern resistance-turned-support, currently at $5.16.

The next cap is aligned at the confluence zone of the 21 and 100-DMAs around $4.95. The latter is the last hope for the ATOM bulls.

ATOM/USD: Daily chart

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