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Palantir Technologies Inc. (PLTR) Crossed Above the 50-Day Moving Average: What That Means for Investors
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.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Shares of PLTR have been moving higher over the past four weeks, up 13.7%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that PLTR could be poised for a continued surge.
Looking at PLTR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 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 PLTR for more gains in the near future.