Nvidia (NVDA) Recently Broke Out Above the 200-Day Moving Average

Nvidia (NVDA) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NVDA crossed above the 200-day moving average, suggesting 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 NVDA have been moving higher over the past four weeks, up 6.1%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that NVDA could be poised for a continued surge.Looking at NVDA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on NVDA for more gains in the near future.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NVIDIA Corporation (NVDA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks