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FREYR Battery (FREY) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, FREYR Battery (FREY - Free Report) could be a good stock pick from a technical perspective. FREY surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Over the past four weeks, FREY has gained 26.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account FREY'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.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on FREY for more gains in the near future.