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Funko-A (FNKO) Just Overtook the 50-Day Moving Average
Funko-A (FNKO - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, FNKO broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Shares of FNKO have been moving higher over the past four weeks, up 8.4%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that FNKO could be poised for a continued surge.
Once investors consider FNKO'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 7 higher, and the consensus estimate has increased as well.
Investors may want to watch FNKO for more gains in the near future given the company's key technical level and positive earnings estimate revisions.