From a technical perspective, Microchip Technology (MCHP - Free Report) is looking like an interesting pick, as it just reached a key level of support. MCHP recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
MCHP has rallied 6.1% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests MCHP could be on the verge of another move higher.
The bullish case solidifies once investors consider MCHP's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, while the consensus estimate has increased too.
Investors should think about putting MCHP on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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From a technical perspective, Microchip Technology (MCHP - Free Report) is looking like an interesting pick, as it just reached a key level of support. MCHP recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
MCHP has rallied 6.1% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests MCHP could be on the verge of another move higher.
The bullish case solidifies once investors consider MCHP's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, while the consensus estimate has increased too.
Investors should think about putting MCHP on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
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