Tanger (SKT) Forms 'Hammer Chart Pattern': Time for Bottom Fishing?

Core Viewpoint - Tanger (SKT) shares have recently declined by 5.4% over the past two weeks, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1] Technical Analysis - The hammer chart pattern indicates a small candle body with a long lower wick, signaling that bears may be losing control and that a trend reversal could occur [3] - This pattern typically forms during a downtrend when the stock opens lower, makes a new low, but then closes near or above the opening price, suggesting buying interest [3] Fundamental Analysis - There has been a positive trend in earnings estimate revisions for SKT, with the consensus EPS estimate increasing by 0.4% over the last 30 days, indicating bullish sentiment among analysts [5] - SKT holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperforms the market [5] - The Zacks Rank serves as a timing indicator, suggesting that SKT's prospects are improving, further supporting the potential for a turnaround [5]