Nvidia (NVDA) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NVDA crossed above the 200-day moving average, suggesting 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.
NVDA has rallied 8.2% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests NVDA could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account NVDA’s positive earnings estimate revisions. There have been 11 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch NVDA for more gains in the near future given the company’s key technical level and positive earnings estimate revisions.
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