After reaching an important support level, StoneCo Ltd. (STNE) could be a good stock pick from a technical perspective. STNE surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
STNE could be on the verge of another rally after moving 19.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Looking at STNE's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch STNE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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This article originally published on Zacks Investment Research (zacks.com).
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