From a technical perspective, GitLab Inc. (GTLB) is looking like an interesting pick, as it just reached a key level of support. GTLB recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
GTLB could be on the verge of another rally after moving 7.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Looking at GTLB'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 GTLB for more gains in the near future.
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
GitLab Inc. (GTLB): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
