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KLA (KLAC) Recently Broke Out Above the 50-Day Moving Average
KLA (KLAC - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, KLAC broke through the 50-day moving average, which suggests 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.
KLAC has rallied 9.2% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests KLAC could be on the verge of another move higher.
Looking at KLAC'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.
Investors may want to watch KLAC for more gains in the near future given the company's key technical level and positive earnings estimate revisions.