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NiSource (NI) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, NiSource (NI - Free Report) could be a good stock pick from a technical perspective. NI surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
NI could be on the verge of another rally after moving 5.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider NI'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.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on NI for more gains in the near future.