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Oddity Tech (ODD) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ODD broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides 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 ODD have been moving higher over the past four weeks, up 12.4%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that ODD could be poised for a continued surge.
Once investors consider ODD's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 3 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ODD for more gains in the near future.
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ODDITY Tech Ltd. (ODD) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).