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After reaching an important support level, Agco (AGCO) could be a good stock pick from a technical perspective. AGCO surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, AGCO has gained 10.5%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider AGCO's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 8 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on AGCO for more gains in the near future.
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AGCO Corporation (AGCO) : Free Stock Analysis Report
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