After reaching an important support level, Fastly (FSLY) could be a good stock pick from a technical perspective. FSLY 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.
FSLY could be on the verge of another rally after moving 39.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider FSLY's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, while the consensus estimate has increased too.
Investors should think about putting FSLY on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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