Enova International (ENVA) Crossed Above the 50-Day Moving Average: What That Means for Investors
From a technical perspective, Enova International (ENVA) is looking like an interesting pick, as it just reached a key level of support. ENVA recently overtook the 50-day moving average, and this 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.
ENVA could be on the verge of another rally after moving 7.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Looking at ENVA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting ENVA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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