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GE HealthCare Technologies (GEHC) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, GE HealthCare Technologies (GEHC - Free Report) could be a good stock pick from a technical perspective. GEHC surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
GEHC has rallied 5.6% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests GEHC could be on the verge of another move higher.
The bullish case solidifies once investors consider GEHC's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 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 GEHC for more gains in the near future.