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Canadian Solar (CSIQ) Just Reclaimed the 200-Day Moving Average
Canadian Solar (CSIQ - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CSIQ broke through the 200-day moving average, which suggests 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.
CSIQ has rallied 11.5% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) 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.