T. Rowe Price (TROW) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, TROW broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Over the past four weeks, TROW has gained 7.1%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
Once investors consider TROW's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, and the consensus estimate has increased as well.
Investors should think about putting TROW on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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T. Rowe Price Group, Inc. (TROW): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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