Enovix Corporation (ENVX) Just Flashed Golden Cross Signal: Do You Buy?

Enovix Corporation (ENVX) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ENVX's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.ENVX has rallied 87.4% over the past four weeks, and the company is a #2 (Buy) on the Zacks Rank at the moment. This combination indicates ENVX could be poised for a breakout.Looking at ENVX's earnings expectations, investors will be even more convinced of the bullish uptrend. For the current quarter, there have been 1 change higher compared to none lower over the past 60 days, and the Zacks 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 ENVX for more gains in the near future.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They includeStock #1: A Disruptive Force with Notable Growth and ResilienceStock #2: Bullish Signs Signaling to Buy the DipStock #3: One of the Most Compelling Investments in the MarketStock #4: Leader In a Red-Hot Industry Poised for GrowthStock #5: Modern Omni-Channel Platform Coiled to SpringMost of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.Download Atomic Opportunity: Nuclear Energy's Comeback free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Enovix Corporation (ENVX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks