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Celestica (CLS) Recently Broke Out Above the 50-Day Moving Average
Celestica (CLS - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLS broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
CLS could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at CLS's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 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 CLS for more gains in the near future.