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Palomar (PLMR) Crossed Above the 200-Day Moving Average: What That Means for Investors
Palomar (PLMR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PLMR crossed above 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.
Over the past four weeks, PLMR has gained 17.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Once investors consider PLMR'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 5 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PLMR for more gains in the near future.