After reaching an important support level, Cognex Corporation (CGNX - Free Report) could be a good stock pick from a technical perspective. CGNX surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
CGNX has rallied 7.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests CGNX could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account CGNX's positive earnings estimate revisions. There have been 4 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on CGNX for more gains in the near future.
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After reaching an important support level, Cognex Corporation (CGNX - Free Report) could be a good stock pick from a technical perspective. CGNX surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
CGNX has rallied 7.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests CGNX could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account CGNX's positive earnings estimate revisions. There have been 4 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on CGNX for more gains in the near future.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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