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Pinterest (PINS) Just Reclaimed the 200-Day Moving Average
Pinterest (PINS - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PINS 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.
PINS has rallied 15.2% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests PINS could be on the verge of another move higher.
Once investors consider PINS'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 3 higher, and the consensus estimate has increased as well.
Investors should think about putting PINS on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.