Haemonetics (HAE) Recently Broke Out Above the 50-Day Moving Average

After reaching an important support level, Haemonetics (HAE) could be a good stock pick from a technical perspective. HAE surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

Over the past four weeks, HAE has gained 7.3%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Looking at HAE's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors may want to watch HAE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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