Cisco Systems (CSCO) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, Cisco Systems (CSCO) is looking like an interesting pick, as it just reached a key level of support. CSCO 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.
Over the past four weeks, CSCO has gained 5.5%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account CSCO's positive earnings estimate revisions. There have been 6 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 CSCO for more gains in the near future.
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This article originally published on Zacks Investment Research (zacks.com).
