Fabrinet shares rise 5.07% intraday as hammer chart pattern and rising earnings estimates signal potential reversal.

Fabrinet (FN) surged 5.07% intraday after forming a bullish hammer chart pattern, signaling potential trend reversal amid a recent 8.1% four-week decline. The pattern, characterized by a long lower wick and small body, suggests bears lost control as buying interest emerged near support levels. This technical indicator was reinforced by positive fundamentals, including a 9.8% rise in 30-day consensus earnings estimate revisions and a Zacks Rank #2 (Buy), indicating strong analyst optimism about the company’s earnings prospects. These factors collectively fueled short-term optimism, driving the intraday rally.