Redfin (RDFN) Recently Broke Out Above the 200-Day Moving Average

After reaching an important support level, Redfin (RDFN) could be a good stock pick from a technical perspective. RDFN surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.

The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.

Over the past four weeks, RDFN has gained 39.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Once investors consider RDFN's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 8 higher, and the consensus estimate has increased as well.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on RDFN for more gains in the near future.

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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.

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Redfin Corporation (RDFN) : Free Stock Analysis Report

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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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