Roblox (RBLX) Recently Broke Out Above the 50-Day Moving Average

01.11.24 14:30 Uhr

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59,66 USD -1,79 USD -2,91%

After reaching an important support level, Roblox (RBLX) could be a good stock pick from a technical perspective. RBLX surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.Over the past four weeks, RBLX has gained 22.6%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.The bullish case solidifies once investors consider RBLX's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, while the consensus estimate has increased too.With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on RBLX for more gains in the near future.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant 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 Roblox Corporation (RBLX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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