Nvidia (NVDA) looks like an interesting pick from a technical perspective, as it just reached a key support level. NVDA recently surpassed its 50-day moving average, which indicates 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 is one of the three major moving averages but has precedent because it is the first sign of an up or down trend.
NVDA shares have been trending higher over the past four weeks, rising 6.4%. Additionally, the company is currently a Zacks Rank #2 (Buy) stock, suggesting NVDA could continue to surge higher.
The bullish case becomes even stronger once investors factor in NVDA’s positive earnings estimate revisions. There have been 15 numbers above and no numbers below this fiscal year, and consensus estimates have also been revised higher.
Given NVDA’s key technical levels and positive earnings estimate revisions, investors may want to keep an eye on NVDA for more gains in the near future.
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NVIDIA Corporation (NVDA): Free Stock Analysis Report
This article originally appeared on Zacks Investment Research (zacks.com).
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