Backblaze, Inc. (BLZE) Just Flashed Golden Cross Signal: Do You Buy?

Backblaze, Inc. (BLZE) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, BLZE's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.Over the past four weeks, BLZE has gained 50.8%. The company currently sits at a #2 (Buy) on the Zacks Rank, also indicating that the stock could be poised for a breakout.The bullish case only gets stronger once investors take into account BLZE's positive earnings outlook for the current quarter. There have been 4 upward revisions compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.Investors should think about putting BLZEon their watchlist given the ultra-important technical indicator and positive move in earnings estimates.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Backblaze, Inc. (BLZE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks