Bears are Losing Control Over MRC (MRC), Here's Why It's a 'Buy' Now

Core Viewpoint - MRC Global (MRC) has experienced a downtrend, losing 15.3% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom in the stock's price, suggesting that selling pressure may be exhausting [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that buyers are starting to emerge after a downtrend [3][4]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [4]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for MRC, which is a bullish indicator suggesting potential price appreciation [6]. - The consensus EPS estimate for the current year has increased by 0.5% over the last 30 days, indicating analysts' agreement on improved earnings potential [7]. - MRC holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [8].