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Equinix (EQIX) Just Overtook the 200-Day Moving Average
Equinix (EQIX - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, EQIX broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Shares of EQIX have been moving higher over the past four weeks, up 21%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that EQIX could be poised for a continued surge.
Looking at EQIX's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch EQIX for more gains in the near future given the company's key technical level and positive earnings estimate revisions.