The ADR (TME) sponsored by Tencent Music Entertainment Group recently exceeded the 20-day moving average

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Tencent Music Entertainment Group Sponsored ADR (TME) has reached an important support level and could be a good choice for investors from a technical point of view. Recently, TME broke through the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a snapshot of a stock’s price over a 20-day period and is beneficial for short-term traders as it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages. .

Similar to other SMAs, if a stock’s price crosses 20 days, the trend is considered positive, while a price falling below the moving average can signal a downtrend.

TME could be on the verge of another rally after rising 8.6% over the past four weeks. Additionally, the company is currently a Zacks Rank #2 (Buy) stock.

The bullish scenario only strengthens when investors factor in positive revisions to TME’s earnings estimates. There were 2 higher revisions for the current fiscal year compared to no lower, and the consensus estimate also increased.

Given this shift in earnings estimate revisions and the positive technical factor, investors may want to keep an eye on TME for more gains in the near future.

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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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