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

Core Viewpoint - Veritone, Inc. (VERI) has experienced a downtrend, losing 12.9% over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with reduced selling pressure, suggesting that bulls may be regaining control [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near or above the opening price, reflecting buying interest [4][5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for VERI, which is a bullish indicator, as it typically leads to price appreciation [7]. - The consensus EPS estimate for the current year has increased by 10.3% over the last 30 days, indicating strong agreement among analysts regarding improved earnings potential [8]. Zacks Rank - VERI 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]. - The Zacks Rank serves as a timing indicator, suggesting that the company's prospects are beginning to improve, further supporting the case for a potential trend reversal [10].