SkyWest (SKYW) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

Core Viewpoint - SkyWest (SKYW) has shown a downtrend recently, losing 7.9% over the past two weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1] Group 1: Technical Analysis - The formation of a hammer chart pattern indicates a possible bottoming out, suggesting that selling pressure may be subsiding [1] - A hammer pattern occurs when a stock opens lower, makes a new low, but then closes near or above its opening price, signaling a potential loss of control by bears [2] - Hammer candles can appear on various timeframes and should be used alongside other bullish indicators for confirmation [2] Group 2: Fundamental Analysis - There has been a positive trend in earnings estimate revisions for SkyWest, which is a bullish indicator, as it typically leads to price appreciation [3] - Over the last 30 days, the consensus EPS estimate for the current year has increased by 0%, indicating analysts expect better earnings than previously predicted [3] - SkyWest holds a Zacks Rank of 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, suggesting strong potential for outperformance [3]