IBM (IBM) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, IBM crossed above the 200-day moving average, suggesting 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, IBM has gained 8.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at IBM's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 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 IBM for more gains in the near future.
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International Business Machines Corporation (IBM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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