Veracyte (VCYT) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, VCYT broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
VCYT has rallied 14.4% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests VCYT could be on the verge of another move higher.
The bullish case solidifies once investors consider VCYT's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, while the consensus estimate has increased too.
Investors should think about putting VCYT on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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Veracyte, Inc. (VCYT): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).