From a technical perspective, First Commonwealth Financial Corporation (FCF - Free Report) is looking like an interesting pick, as it just reached a key level of support. FCF's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.
There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.
A successful golden cross event has three stages. It first begins when a stock's price on the decline bottoms out. Then, its shorter moving average crosses above its longer moving average, triggering a positive trend reversal. The third and final phase occurs when the stock maintains its upward momentum.
A golden cross contrasts with a death cross, another widely-followed chart pattern that suggests bearish momentum could be on the horizon.
Shares of FCF have been moving higher over the past four weeks, up 12%. Plus, the company is currently a #2 (Buy) on the Zacks Rank, suggesting that FCF could be poised for a breakout.
Once investors consider FCF's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 4 revisions higher, and the Zacks Consensus Estimate has increased as well.
Investors should think about putting FCF on their watchlist given the ultra-important technical indicator and positive move in earnings estimates.
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From a technical perspective, First Commonwealth Financial Corporation (FCF - Free Report) is looking like an interesting pick, as it just reached a key level of support. FCF's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.
There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.
A successful golden cross event has three stages. It first begins when a stock's price on the decline bottoms out. Then, its shorter moving average crosses above its longer moving average, triggering a positive trend reversal. The third and final phase occurs when the stock maintains its upward momentum.
A golden cross contrasts with a death cross, another widely-followed chart pattern that suggests bearish momentum could be on the horizon.
Shares of FCF have been moving higher over the past four weeks, up 12%. Plus, the company is currently a #2 (Buy) on the Zacks Rank, suggesting that FCF could be poised for a breakout.
Once investors consider FCF's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 4 revisions higher, and the Zacks Consensus Estimate has increased as well.
Investors should think about putting FCF on their watchlist given the ultra-important technical indicator and positive move in earnings estimates.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
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