Semtech (SMTC) Crossed Above the 50-Day Moving Average: What That Means for Investors

Semtech (SMTC) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SMTC broke through the 50-day moving average, which 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.SMTC could be on the verge of another rally after moving 13.5% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.The bullish case only gets stronger once investors take into account SMTC's positive earnings estimate revisions. There have been 7 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 SMTC for more gains in the near future.Zacks' Research Chief Picks Stock Most Likely to "At Least Double"Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren’t winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.See Our Top Stock to Double (Plus 4 Runners Up) >>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 Semtech Corporation (SMTC): 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