From a technical perspective, Nvidia (NVDA) is looking like an interesting pick, as it just reached a key level of support. NVDA recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Shares of NVDA have been moving higher over the past four weeks, up 6.4%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that NVDA could be poised for a continued surge.
The bullish case only gets stronger once investors take into account NVDA's positive earnings estimate revisions. There have been 15 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch NVDA for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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NVIDIA Corporation (NVDA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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