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Uber Technologies (UBER) Just Reclaimed the 20-Day Moving Average
From a technical perspective, Uber Technologies (UBER - Free Report) is looking like an interesting pick, as it just reached a key level of support. UBER recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Shares of UBER have been moving higher over the past four weeks, up 7.3%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that UBER could be poised for a continued surge.
Looking at UBER's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 14 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors should think about putting UBER on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.