Allogene Therapeutics (ALLO)'s Technical Outlook is Bright After Key Golden Cross

Core Insights - Allogene Therapeutics, Inc. (ALLO) has reached a significant support level, indicating potential for investors from a technical perspective [1] - The recent breakout of ALLO's 50-day simple moving average above its 200-day moving average signifies a "golden cross," which is a bullish indicator [1][2] - ALLO's shares have increased by 31.9% over the past four weeks, suggesting positive momentum [2] Technical Analysis - A golden cross is formed when a short-term moving average crosses above a long-term moving average, typically the 50-day and 200-day, indicating a potential bullish breakout [1] - The successful golden cross event consists of three stages: a price bottom, the crossover of moving averages, and the maintenance of upward momentum [1] Earnings Outlook - ALLO is currently rated 3 (Hold) on the Zacks Rank, indicating potential for a breakout [2] - The positive earnings outlook for the current quarter is reinforced by one upward revision in earnings estimates and no downward revisions in the past two months [2] - The Zacks Consensus Estimate for ALLO has also increased, further solidifying the bullish case for the company [2]