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EnerSys (ENS) Recently Broke Out Above the 200-Day Moving Average
EnerSys (ENS - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ENS crossed above the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
ENS has rallied 5.8% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests ENS could be on the verge of another move higher.
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 4 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.