Celestica (CLS) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLS broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
CLS has rallied 11.1% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests CLS could be on the verge of another move higher.
The bullish case solidifies once investors consider CLS's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.
Investors may want to watch CLS for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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This article originally published on Zacks Investment Research (zacks.com).
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