Core Viewpoint - Alzamend Neuro, Inc. (ALZN) has experienced a decline of 8.9% in its stock price over the past two weeks, but the formation of a hammer chart pattern suggests a potential trend reversal due to increased buying interest [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottoming out, characterized by a small candle body and a long lower wick, suggesting that selling pressure may be exhausting [3][4]. - This pattern typically forms during a downtrend when bears dominate, but a subsequent buying interest can lead to a price increase, signaling a possible reversal [3][4]. Fundamental Analysis - Recent upward revisions in earnings estimates for ALZN serve as a bullish indicator, correlating strongly with near-term stock price movements [6]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 21.4%, indicating that analysts expect better earnings than previously predicted [7]. - ALZN holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperform the market [8].
Alzamend Neuro (ALZN) Forms 'Hammer Chart Pattern': Time for Bottom Fishing?