After reaching an important support level, Nice (NICE) could be a good stock pick from a technical perspective. NICE surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows 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 NICE have been moving higher over the past four weeks, up 6.1%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that NICE could be poised for a continued surge.
The bullish case solidifies once investors consider NICE's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 9 higher, while the consensus estimate has increased too.
Investors may want to watch NICE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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The solar industry stands to bounce back as tech companies and the economy transition away from fossil fuels to power the AI boom.
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