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Canadian Solar (CSIQ) Crossed Above the 50-Day Moving Average: What That Means for Investors
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 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
Shares of CSIQ have been moving higher over the past four weeks, up 11.5%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that CSIQ could be poised for a continued surge.
The bullish case only gets stronger once investors take into account CSIQ's positive earnings estimate revisions. There have been 1 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 CSIQ for more gains in the near future.