Monday.com (MNDY) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, MNDY broke through the 200-day moving average, which 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.
Over the past four weeks, MNDY has gained 12.9%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider MNDY's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, while the consensus estimate has increased too.
Investors should think about putting MNDY on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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monday.com Ltd. (MNDY): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).