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Moderna (MRNA) Just Reclaimed the 200-Day Moving Average
From a technical perspective, Moderna (MRNA - Free Report) is looking like an interesting pick, as it just reached a key level of support. MRNA recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
MRNA has rallied 12.9% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests MRNA could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account MRNA's positive earnings estimate revisions. There have been 9 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting MRNA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.