Agco (AGCO) Just Reclaimed the 50-Day Moving Average

From a technical perspective, Agco (AGCO) is looking like an interesting pick, as it just reached a key level of support. AGCO recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.

Moving Average Chart for AGCO

AGCO could be on the verge of another rally after moving 10.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

Looking at AGCO's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 8 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors may want to watch AGCO for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

AGCO Corporation (AGCO) : Free Stock Analysis Report

To read this article on Zacks.com click here.