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Newmark Group (NMRK) Recently Broke Out Above the 50-Day Moving Average
After reaching an important support level, Newmark Group (NMRK - Free Report) could be a good stock pick from a technical perspective. NMRK surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
NMRK could be on the verge of another rally after moving 15.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at NMRK'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.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on NMRK for more gains in the near future.