Published on 12 Nov 2022 on Zacks via Yahoo Finance
Arcimoto, Inc. (FUV) Could Find Support Soon, Here's Why You Should Buy the Stock Now
Shares of Arcimoto, Inc. (FUV) have been struggling lately and have lost 12.6% over the past week. 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.
