Yahoo Finance Robinhood Markets, Inc. (HOOD) Just Overtook the 20-Day Moving Average
After reaching an important support level, Robinhood Markets, Inc. (HOOD) could be a good stock pick from a technical perspective. HOOD surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
HOOD could be on the verge of another rally after moving 8.7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Looking at HOOD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 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 HOOD for more gains in the near future.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report
