Palantir Technologies Inc. (PLTR) Just Overtook the 200-Day Moving Average
From a technical perspective, Palantir Technologies Inc. (PLTR) is looking like an interesting pick, as it just reached a key level of support. PLTR recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
PLTR could be on the verge of another rally after moving 21.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider PLTR's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PLTR for more gains in the near future.
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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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This article originally published on Zacks Investment Research (zacks.com).
