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.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
EPAM has rallied 20.8% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests EPAM could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account EPAM's positive earnings estimate revisions. There have been 4 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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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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