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Canadian Solar (CSIQ) Just Reclaimed the 200-Day Moving Average
Canadian Solar (CSIQ - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, CSIQ crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
CSIQ has rallied 9% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests CSIQ could be on the verge of another move higher.
The bullish case solidifies once investors consider CSIQ'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.
Investors should think about putting CSIQ on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.