EnerSys (ENS) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ENS broke through the 200-day moving average, which suggests 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.
ENS could be on the verge of another rally after moving 8.6% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Once investors consider ENS's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, and the consensus estimate has increased as well.
Investors should think about putting ENS on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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