Tencent Music Entertainment Group Sponsored ADR (TME - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, TME crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of TME have been moving higher over the past four weeks, up 8.6%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that TME could be poised for a continued surge.
Once investors consider TME's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, and the consensus estimate has increased as well.
Investors should think about putting TME on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Tencent Music Entertainment Group Sponsored ADR (TME - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, TME crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of TME have been moving higher over the past four weeks, up 8.6%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that TME could be poised for a continued surge.
Once investors consider TME's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, and the consensus estimate has increased as well.
Investors should think about putting TME on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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