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Himax Tech (HIMX) Recently Broke Out Above the 50-Day Moving Average

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From a technical perspective, Himax Tech (HIMX - Free Report) is looking like an interesting pick, as it just reached a key level of support. HIMX recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

Over the past four weeks, HIMX has gained 15.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

Once investors consider HIMX'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 1 higher, and the consensus estimate has increased as well.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on HIMX for more gains in the near future.


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