Avnet (AVT) Just Reclaimed the 50-Day Moving Average
Avnet (AVT) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, AVT broke out above the 50-day moving average, suggesting a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Shares of AVT have been moving higher over the past four weeks, up 6.4%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that AVT could be poised for a continued surge.
The bullish case only gets stronger once investors take into account AVT's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on AVT for more gains in the near future.
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
Avnet, Inc. (AVT) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
