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Kala Pharmaceuticals (KALA) Recently Broke Out Above the 200-Day Moving Average
Kala Pharmaceuticals (KALA - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, KALA broke through the 200-day moving average, which suggests 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.
Shares of KALA have been moving higher over the past four weeks, up 27.3%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that KALA could be poised for a continued surge.
The bullish case only gets stronger once investors take into account KALA's positive earnings estimate revisions. There have been 2 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 KALA for more gains in the near future.