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Palantir Technologies Inc. (PLTR) Recently Broke Out Above the 50-Day Moving Average
After reaching an important support level, Palantir Technologies Inc. (PLTR - Free Report) could be a good stock pick from a technical perspective. PLTR surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
PLTR has rallied 5.3% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests PLTR could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account PLTR's positive earnings estimate revisions. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting PLTR on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.