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T. Rowe Price (TROW) Crossed Above the 200-Day Moving Average: What That Means for Investors
From a technical perspective, T. Rowe Price (TROW - Free Report) is looking like an interesting pick, as it just reached a key level of support. TROW recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
TROW could be on the verge of another rally after moving 11.6% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case only gets stronger once investors take into account TROW's positive earnings estimate revisions. There have been 6 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 TROW for more gains in the near future.