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Endava PLC Sponsored ADR (DAVA) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, Endava PLC Sponsored ADR (DAVA - Free Report) is looking like an interesting pick, as it just reached a key level of support. DAVA recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
DAVA could be on the verge of another rally after moving 7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case only gets stronger once investors take into account DAVA's positive earnings estimate revisions. There have been 6 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 DAVA for more gains in the near future.