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AudioEye (AEYE) Just Overtook the 50-Day Moving Average
After reaching an important support level, AudioEye (AEYE - Free Report) could be a good stock pick from a technical perspective. AEYE surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
AEYE could be on the verge of another rally after moving 11.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Once investors consider AEYE's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on AEYE for more gains in the near future.