Hello Group Inc. Sponsored ADR (MOMO) Recently Broke Out Above the 20-Day Moving Average

From a technical perspective, Hello Group Inc. Sponsored ADR (MOMO) is looking like an interesting pick, as it just reached a key level of support. MOMO recently overtook the 20-day moving average, and this suggests 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.

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.

Shares of MOMO have been moving higher over the past four weeks, up 6%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that MOMO could be poised for a continued surge.

The bullish case solidifies once investors consider MOMO's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.

Investors may want to watch MOMO 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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