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AeroVironment (AVAV) Recently Broke Out Above the 200-Day Moving Average
AeroVironment (AVAV - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, AVAV crossed above the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
AVAV could be on the verge of another rally after moving 16.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case only gets stronger once investors take into account AVAV's positive earnings estimate revisions. There have been 1 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 AVAV for more gains in the near future.