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Zuora (ZUO) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, Zuora (ZUO - Free Report) could be a good stock pick from a technical perspective. ZUO surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
ZUO has rallied 12.2% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests ZUO could be on the verge of another move higher.
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.