Orchard Therapeutics PLC Sponsored ADR is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ORTX's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."
Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
A successful golden cross event has three stages. It first begins when a stock's price on the decline bottoms out. Then, its shorter moving average crosses above its longer moving average, triggering a positive trend reversal. The third and final phase occurs when the stock maintains its upward momentum.
This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.
ORTX could be on the verge of a breakout after moving 10.3% higher over the last four weeks. Plus, the company is currently a #2 (Buy) on the Zacks Rank.
Once investors consider ORTX's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 2 revisions higher, and the Zacks Consensus Estimate has increased as well.
Given this move in earnings estimates and the positive technical factor, investors may want to keep their eye on ORTX for more gains in the near future.
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Orchard Therapeutics PLC Sponsored ADR is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ORTX's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."
Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
A successful golden cross event has three stages. It first begins when a stock's price on the decline bottoms out. Then, its shorter moving average crosses above its longer moving average, triggering a positive trend reversal. The third and final phase occurs when the stock maintains its upward momentum.
This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.
ORTX could be on the verge of a breakout after moving 10.3% higher over the last four weeks. Plus, the company is currently a #2 (Buy) on the Zacks Rank.
Once investors consider ORTX's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 2 revisions higher, and the Zacks Consensus Estimate has increased as well.
Given this move in earnings estimates and the positive technical factor, investors may want to keep their eye on ORTX for more gains in the near future.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>