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Coherent (COHR) Recently Broke Out Above the 200-Day Moving Average
Coherent (COHR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, COHR crossed above 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.
Shares of COHR have been moving higher over the past four weeks, up 19.7%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that COHR could be poised for a continued surge.
Once investors consider COHR's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.
Investors should think about putting COHR on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.