After reaching an important support level, Veeva Systems (VEEV) could be a good stock pick from a technical perspective. VEEV surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
Shares of VEEV have been moving higher over the past four weeks, up 7.8%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that VEEV could be poised for a continued surge.
The bullish case only gets stronger once investors take into account VEEV's positive earnings estimate revisions. There have been 10 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting VEEV on their watchlist given the ultra-important technical indicator and positive move in 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.
