Published on 11 Sep 2023 on Zacks via Yahoo Finance
Pulmatrix, Inc. (PULM) Could Find a Support Soon, Here's Why You Should Buy the Stock Now
Shares of Pulmatrix, Inc. (PULM) have been struggling lately and have lost 5.3% over the past two weeks. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.
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