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MakeMyTrip (MMYT) Just Flashed Golden Cross Signal: Do You Buy?
MakeMyTrip (MMYT - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, MMYT crossed above the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show 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.
MMYT has rallied 17.4% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests MMYT could be on the verge of another move higher.
Looking at MMYT's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on MMYT for more gains in the near future.