After reaching an important support level, Netflix (NFLX) could be a good stock pick from a technical perspective. NFLX 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.
Shares of NFLX have been moving higher over the past four weeks, up 12.6%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that NFLX could be poised for a continued surge.
Looking at NFLX's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on NFLX for more gains in the near future.
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Netflix, Inc. (NFLX): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).