Uber Technologies (UBER) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, UBER broke through the 200-day moving average, which suggests 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.

UBER has rallied 5.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests UBER could be on the verge of another move higher.

The bullish case solidifies once investors consider UBER's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 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 UBER for more gains in the near future.

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Uber Technologies, Inc. (UBER): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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