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Nvidia (NVDA) Just Overtook the 50-Day Moving Average
Nvidia (NVDA - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NVDA broke out above the 50-day moving average, suggesting 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.
NVDA could be on the verge of another rally after moving 5.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case only gets stronger once investors take into account NVDA's positive earnings estimate revisions. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch NVDA for more gains in the near future given the company's key technical level and positive earnings estimate revisions.