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Fastly (FSLY) Recently Broke Out Above the 50-Day Moving Average
Fastly (FSLY - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, FSLY broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
FSLY could be on the verge of another rally after moving 14% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider FSLY's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on FSLY for more gains in the near future.