Moderna (MRNA) Recently Broke Out Above the 20-Day Moving Average

Moderna (MRNA) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, MRNA crossed above the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

MRNA could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

Looking at MRNA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 9 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on MRNA for more gains in the near future.

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This article originally published on Zacks Investment Research (zacks.com).

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