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Avnet (AVT) Crossed Above the 50-Day Moving Average: What That Means for Investors
Avnet (AVT - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, AVT broke through the 50-day moving average, which 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.
AVT has rallied 7.8% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests AVT could be on the verge of another move higher.
Looking at AVT's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting AVT on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.