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T. Rowe Price (TROW) Recently Broke Out Above the 200-Day Moving Average
T. Rowe Price (TROW - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, TROW broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of TROW have been moving higher over the past four weeks, up 5.5%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that TROW could be poised for a continued surge.
The bullish case only gets stronger once investors take into account TROW's positive earnings estimate revisions. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on TROW for more gains in the near future.