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Logitech (LOGI) Crossed Above the 50-Day Moving Average: What That Means for Investors
Logitech (LOGI - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LOGI broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
LOGI could be on the verge of another rally after moving 6.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case solidifies once investors consider LOGI's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on LOGI for more gains in the near future.