Yelp (YELP) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, YELP broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of YELP have been moving higher over the past four weeks, up 9%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that YELP could be poised for a continued surge.
Once investors consider YELP'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 2 higher, and the consensus estimate has increased as well.
Investors may want to watch YELP for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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