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Coherent (COHR) Crossed Above the 50-Day Moving Average: What That Means for Investors
From a technical perspective, Coherent (COHR - Free Report) is looking like an interesting pick, as it just reached a key level of support. COHR recently overtook the 50-day moving average, and this 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.
COHR has rallied 6.5% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests COHR could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account COHR's positive earnings estimate revisions. 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 COHR on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.