Eledon Pharmaceuticals (ELDN) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price. When it occurs at the bottom of a downtrend, this pattern signals ...