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Palantir Technologies Inc. (PLTR) Just Reclaimed the 50-Day Moving Average
Palantir Technologies Inc. (PLTR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PLTR broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
PLTR could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Once investors consider PLTR'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 5 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PLTR for more gains in the near future.