After reaching an important support level, Epam (EPAM) could be a good stock pick from a technical perspective. EPAM surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, EPAM has gained 23.1%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account EPAM's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting EPAM on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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EPAM Systems, Inc. (EPAM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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