After reaching an important support level, BioNTech SE Sponsored ADR (BNTX) could be a good stock pick from a technical perspective. BNTX surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock’s price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides 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.
BNTX has rallied 17.3% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests BNTX could be on the verge of another move higher.
The bullish case solidifies once investors consider BNTX’s positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.
Investors should think about putting BNTX on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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