After reaching an important support level, Pinterest (PINS) could be a good stock pick from a technical perspective. PINS surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
PINS has rallied 10.6% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests PINS could be on the verge of another move higher.
The bullish case solidifies once investors consider PINS's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 9 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PINS for more gains in the near future.
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