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Palantir Technologies Inc. (PLTR) Just Overtook the 50-Day Moving Average
Palantir Technologies Inc. (PLTR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PLTR 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.
Over the past four weeks, PLTR has gained 9.3%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Looking at PLTR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 9 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PLTR for more gains in the near future.