After reaching an important support level, Bilibili (BILI) could be a good stock pick from a technical perspective. BILI 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.
BILI has rallied 113.6% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests BILI could be on the verge of another move higher.
The bullish case solidifies once investors consider BILI’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.
Investors should think about putting BILI on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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