From a technical perspective, Moderna (MRNA) is looking like an interesting pick, as it just reached a key level of support. MRNA recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
MRNA has rallied 14.8% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests MRNA could be on the verge of another move higher.
The bullish case solidifies once investors consider MRNA's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on MRNA for more gains in the near future.
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Moderna, Inc. (MRNA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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