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Palantir Technologies Inc. (PLTR) Recently Broke Out Above the 200-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 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.
PLTR could be on the verge of another rally after moving 10.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Looking at PLTR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. 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 PLTR for more gains in the near future.