Tencent Music Entertainment Group Sponsored ADR (TME) Just Overtook the 20-Day Moving Average

Tencent Music Entertainment Group Sponsored ADR (TME) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, TME broke through the 20-day moving average, which suggests a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives 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.

TME has rallied 12.8% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests TME could be on the verge of another move higher.

Once investors consider TME's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 1 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

Investors should think about putting TME on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.

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Tencent Music Entertainment Group Sponsored ADR (TME) : 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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