Published on 13 Jul 2022 on Zacks via Yahoo Finance
Here's Why Oncorus, Inc. (ONCR) Looks Ripe for Bottom Fishing
The price trend for Oncorus, Inc. (ONCR) has been bearish lately and the stock has lost 20.4% over the past four weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it 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.
