Palantir Technologies Inc. (PLTR) Just Overtook the 20-Day Moving Average
After reaching an important support level, Palantir Technologies Inc. (PLTR) could be a good stock pick from a technical perspective. PLTR surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Shares of PLTR have been moving higher over the past four weeks, up 6.9%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that PLTR could be poised for a continued surge.
Looking at PLTR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors may want to watch PLTR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Palantir Technologies Inc. (PLTR) : Free Stock Analysis Report
