Back to top
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Synopsys (SNPS) Recently Broke Out Above the 200-Day Moving Average
Synopsys (SNPS - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, SNPS 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.
SNPS has rallied 9% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests SNPS could be on the verge of another move higher.
Once investors consider SNPS'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 7 higher, and the consensus estimate has increased as well.
Investors may want to watch SNPS for more gains in the near future given the company's key technical level and positive earnings estimate revisions.