Luminar Technologies (LAZR) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

Core Viewpoint - Luminar Technologies, Inc. (LAZR) has shown a downtrend recently, with a 7.8% loss 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]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that despite a downtrend, buyers are starting to push the price up towards the opening price [4][5]. - The occurrence of a hammer pattern at the bottom of a downtrend signals that bears may be losing control, indicating a potential trend reversal [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for LAZR, which is a bullish indicator [7]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 21.4%, indicating that analysts expect better earnings than previously predicted [8]. - LAZR holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9].