After reaching an important support level, Sunrun (RUN) could be a good stock pick from a technical perspective. RUN surpassed resistance at the 50-day moving average, suggesting 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.
RUN has rallied 19.4% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests RUN could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account RUN'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 may want to watch RUN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
