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

Core Viewpoint - WEC Energy Group (WEC) has shown a downtrend recently, losing 6.7% over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, suggesting that selling pressure may be subsiding [2][5]. - This pattern forms when there is a small candle body with a long lower wick, indicating that despite a new low, buying interest has emerged to push the stock price up towards the opening price [4][5]. - Hammer candles can appear on various timeframes and are utilized by both short-term and long-term investors [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for WEC, which is a bullish indicator as it typically leads to price appreciation [7]. - The consensus EPS estimate for the current year has remained unchanged over the last 30 days, indicating strong agreement among analysts regarding WEC's potential for better earnings [8]. - WEC currently holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperform the market [9].