Here's Why ResMed (RMD) Could be Great Choice for a Bottom Fisher

Core Viewpoint - ResMed (RMD) shares have recently declined by 7.1% 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][2]. Technical Analysis - A hammer chart pattern indicates a potential bottom and exhaustion of selling pressure, suggesting that the stock may be poised for a trend reversal [2][4]. - The hammer pattern is characterized by a small candle body with a long lower wick, indicating that buying interest has emerged after a downtrend [3][4]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [4]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for ResMed, with a 1.1% increase in the consensus EPS estimate over the last 30 days, indicating that analysts expect better earnings than previously predicted [6][7]. - ResMed holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [8]. - The Zacks Rank serves as a timing indicator, suggesting that the company's prospects are beginning to improve, further supporting the potential for a trend reversal [8].