Published on 22 Aug 2023 on Zacks via Yahoo Finance
Bears are Losing Control Over Just Eat Takeaway.com N.V. Sponsored ADR (JTKWY), Here's Why It's a...
A downtrend has been apparent in Just Eat Takeaway.com N.V. Sponsored ADR (JTKWY) lately. While the stock has lost 7.6% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.
The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this company enhances its prospects of a trend reversal.
Understanding Hammer Chart and the Technique to Trade It