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HSBC (HSBC) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, HSBC (HSBC - Free Report) is looking like an interesting pick, as it just reached a key level of support. HSBC 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.
Shares of HSBC have been moving higher over the past four weeks, up 9.9%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that HSBC could be poised for a continued surge.
The bullish case only gets stronger once investors take into account HSBC's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, 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 HSBC for more gains in the near future.