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Palomar (PLMR) Recently Broke Out Above the 50-Day Moving Average
Palomar (PLMR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PLMR broke out above 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.
PLMR has rallied 6.7% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests PLMR could be on the verge of another move higher.
Looking at PLMR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PLMR for more gains in the near future.