After reaching an important support level, AudioEye (AEYE) could be a good stock pick from a technical perspective. AEYE surpassed resistance at 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.
Shares of AEYE have been moving higher over the past four weeks, up 34.9%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that AEYE could be poised for a continued surge.
The bullish case only gets stronger once investors take into account AEYE'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 AEYE for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Audioeye, Inc. (AEYE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).