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HDFC Bank Limited (HDB - Free Report) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front. Recently, the 50 Day Moving Average for HDB broke out below the 200 Day Simple Moving Average, suggesting short-term bearishness.
This has already started to take place, as the stock has moved lower by 4.4% in the past four weeks. And with the recent moving average crossover, investors have to think that more unfavorable trading is ahead for HDB stock.
If that wasn’t enough, HDFC Bank isn’t looking too great from an earnings estimate revision perspective either. It appears as though many analysts have been reducing their earnings expectations for the stock lately, which is usually not a good sign of things to come.
Consider that in the last 30 days, 1 estimate have been reduced, while none has moved higher. Add this in to a similar move lower in the consensus estimate, and there is plenty of reason to be bearish here.
That is why we currently have a Zacks Rank #4 (Sell) on this stock and are looking for it to underperform in the weeks ahead. So either avoid this stock or consider jumping ship until the estimates and technical factors turn around for HDB. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Top 10 Stocks for 2017
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Moving Average Crossover Alert: HDFC Bank (HDB)
HDFC Bank Limited (HDB - Free Report) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front. Recently, the 50 Day Moving Average for HDB broke out below the 200 Day Simple Moving Average, suggesting short-term bearishness.
This has already started to take place, as the stock has moved lower by 4.4% in the past four weeks. And with the recent moving average crossover, investors have to think that more unfavorable trading is ahead for HDB stock.
If that wasn’t enough, HDFC Bank isn’t looking too great from an earnings estimate revision perspective either. It appears as though many analysts have been reducing their earnings expectations for the stock lately, which is usually not a good sign of things to come.
Consider that in the last 30 days, 1 estimate have been reduced, while none has moved higher. Add this in to a similar move lower in the consensus estimate, and there is plenty of reason to be bearish here.
That is why we currently have a Zacks Rank #4 (Sell) on this stock and are looking for it to underperform in the weeks ahead. So either avoid this stock or consider jumping ship until the estimates and technical factors turn around for HDB. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>