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CleanSpark (CLSK) Crossed Above the 50-Day Moving Average: What That Means for Investors
CleanSpark (CLSK - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLSK broke through the 50-day moving average, which suggests 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.
Shares of CLSK have been moving higher over the past four weeks, up 13.4%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that CLSK could be poised for a continued surge.
The bullish case solidifies once investors consider CLSK's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on CLSK for more gains in the near future.