Exact Sciences (EXAS) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, EXAS crossed above the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock’s price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows 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.
EXAS could be on the verge of another rally after moving 36.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider EXAS’s positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, while the 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 EXAS for more gains in the near future.
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