From a technical perspective, Synchronoss (SNCR) is looking like an interesting pick, as it just reached a key level of support. SNCR recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, SNCR has gained 74.2%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account SNCR'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.
Investors may want to watch SNCR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Synchronoss Technologies, Inc. (SNCR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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