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Profire Energy Sees Hammer Chart Pattern: Time to Buy?

Zacks Equity Research
Jazz Pharmaceuticals plc (JAZZ) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front
Jazz Pharmaceuticals plc (JAZZ) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front

Profire Energy, Inc. PFIE has been struggling lately, but the selling pressure may be coming to an end soon. That is because PFIE 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 1 estimate has 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 PFIE 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.

5 Medical Stocks to Buy Now

Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.

New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.

Click here to see the 5 stocks >>


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Profire Energy, Inc. (PFIE) : Free Stock Analysis Report
 
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Zacks Investment Research