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Zuora (ZUO) Recently Broke Out Above the 50-Day Moving Average
Zuora (ZUO - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ZUO broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
ZUO could be on the verge of another rally after moving 5.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Once investors consider ZUO'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 1 higher, and the consensus estimate has increased as well.
Investors should think about putting ZUO on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.