Qorvo (QRVO) Crossed Above the 20-Day Moving Average: What That Means for Investors
Qorvo (QRVO) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, QRVO broke through the 20-day moving average, which suggests a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Over the past four weeks, QRVO has gained 12.6%. 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 QRVO's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Investors should think about putting QRVO on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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