Par Petroleum (PARR) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

Core Viewpoint - Par Petroleum (PARR) has shown a downtrend recently, losing 6.5% 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 its opening price after finding support [4][5]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [5]. Fundamental Analysis - There is a strong consensus among Wall Street analysts to raise earnings estimates for PARR, which supports the bullish case for a trend reversal [2][7]. - The consensus EPS estimate for the current year has increased by 1.3% over the last 30 days, indicating analysts' agreement on the company's potential for better earnings [8]. - PARR 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][10].