Affimed N.V. (AFMD) Forms 'Hammer Chart Pattern': Time for Bottom Fishing?

Core Viewpoint - Affimed N.V. (AFMD) has shown a downtrend recently, losing 12% over the past week, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest and support from bulls [1] Technical Analysis - The hammer chart pattern indicates a potential bottom in a downtrend, characterized by a small candle body and a long lower wick, suggesting that selling pressure may be subsiding [2][3] - This pattern typically forms when a stock opens lower, makes a new low, but then closes near or above its opening price, indicating a shift in control from bears to bulls [2][3] Fundamental Analysis - Recent upward revisions in earnings estimates for AFMD serve as a bullish indicator, with a 23.5% increase in the consensus EPS estimate over the last 30 days, reflecting analysts' optimism about the company's earnings performance [4] - AFMD holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperform the market [4] - The Zacks Rank is a reliable timing indicator, suggesting that AFMD's prospects are improving, further supporting the case for a potential turnaround [4]