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Richardson Electronics (RELL) Crossed Above the 50-Day Moving Average: What That Means for Investors

Zacks Equity Research
·1 min read

Richardson Electronics (RELL) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, RELL broke through the 50-day moving average, which 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.

RELL could be on the verge of another rally after moving 32% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

The bullish case only gets stronger once investors take into account RELL'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.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on RELL for more gains in the near future.

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