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Invesco Mortgage Capital (IVR) Recently Broke Out Above the 50-Day Moving Average
Invesco Mortgage Capital (IVR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, IVR broke out above the 50-day moving average, suggesting 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.
IVR could be on the verge of another rally after moving 9.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case solidifies once investors consider IVR's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on IVR for more gains in the near future.