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Tesla (TSLA) Just Overtook the 200-Day Moving Average
Tesla (TSLA - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, TSLA broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of TSLA have been moving higher over the past four weeks, up 5.1%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that TSLA could be poised for a continued surge.
The bullish case only gets stronger once investors take into account TSLA's positive earnings estimate revisions. There have been 9 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on TSLA for more gains in the near future.