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Rocket Companies (RKT) Crossed Above the 50-Day Moving Average: What That Means for Investors

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Zacks Equity Research
·2 min read
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Rocket Companies RKT is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, RKT broke out above the 50-day moving average, suggesting a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

Shares of RKT have been moving higher over the past four weeks, up 20.2%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that RKT could be poised for a continued surge.

Once investors consider RKT's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, and the consensus estimate has increased as well.

Investors should think about putting RKT on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.

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The top 5% of stocks get the coveted Zacks Rank #1 (Strong Buy) rating. With its average gain of +25.4% per year since 1988, it easily outperforms the Zacks Rank #5 (Strong Sell) gain of just +3.1% by 8X. So it's easy to understand why checking this list is a smart way to start each trading day.

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Zacks Investment Research