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Axcelis Technologies (ACLS) Recently Broke Out Above the 200-Day Moving Average

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Axcelis Technologies (ACLS - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ACLS crossed above the 200-day moving average, suggesting a long-term bullish trend.

The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.

Shares of ACLS have been moving higher over the past four weeks, up 14.6%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that ACLS could be poised for a continued surge.

Once investors consider ACLS'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 3 higher, and the consensus estimate has increased as well.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on ACLS for more gains in the near future.

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