Yahoo Finance 89BIO (ETNB) Just Overtook the 20-Day Moving Average
89BIO (ETNB) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ETNB 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.
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.
Shares of ETNB have been moving higher over the past four weeks, up 10.7%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that ETNB could be poised for a continued surge.
Looking at ETNB'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.
Investors may want to watch ETNB for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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89BIO (ETNB) : Free Stock Analysis Report
