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 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
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.
Once investors consider MCHP'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 10 higher, and the consensus estimate has increased as well.
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 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
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.
Once investors consider MCHP'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 10 higher, and the consensus estimate has increased as well.
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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