After reaching an important support level, Adobe Systems (ADBE - Free Report) could be a good stock pick from a technical perspective. ADBE surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Over the past four weeks, ADBE has gained 7.2%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account ADBE's positive earnings estimate revisions. There have been 13 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ADBE for more gains in the near future.
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After reaching an important support level, Adobe Systems (ADBE - Free Report) could be a good stock pick from a technical perspective. ADBE surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Over the past four weeks, ADBE has gained 7.2%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account ADBE's positive earnings estimate revisions. There have been 13 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ADBE for more gains in the near future.
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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