Yahoo Finance Asana, Inc. (ASAN) Just Reclaimed the 20-Day Moving Average
From a technical perspective, Asana, Inc. (ASAN) is looking like an interesting pick, as it just reached a key level of support. ASAN recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show 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.
ASAN has rallied 36.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests ASAN could be on the verge of another move higher.
The bullish case solidifies once investors consider ASAN's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, while the consensus estimate has increased too.
Investors may want to watch ASAN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Asana, Inc. (ASAN) : Free Stock Analysis Report
