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Prime Medicine, Inc. (PRME) Now Trades Above Golden Cross: Time to Buy?
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After reaching an important support level, Prime Medicine, Inc. (PRME - Free Report) could be a good stock pick from a technical perspective. PRME recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
PRME has rallied 40.3% over the past four weeks, and the company is a #2 (Buy) on the Zacks Rank at the moment. This combination indicates PRME could be poised for a breakout.
The bullish case solidifies once investors consider PRME's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 1 revision higher in the past 60 days. The Zacks Consensus Estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PRME for more gains in the near future.
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Prime Medicine, Inc. (PRME) Now Trades Above Golden Cross: Time to Buy?
After reaching an important support level, Prime Medicine, Inc. (PRME - Free Report) could be a good stock pick from a technical perspective. PRME recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
PRME has rallied 40.3% over the past four weeks, and the company is a #2 (Buy) on the Zacks Rank at the moment. This combination indicates PRME could be poised for a breakout.
The bullish case solidifies once investors consider PRME's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 1 revision higher in the past 60 days. The Zacks Consensus Estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PRME for more gains in the near future.