Synopsys (SNPS) Recently Broke Out Above the 200-Day Moving Average

Synopsys (SNPS) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, SNPS crossed above the 200-day moving average, suggesting a long-term bullish trend.The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.SNPS has rallied 9% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests SNPS could be on the verge of another move higher.Once investors consider SNPS'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 may want to watch SNPS for more gains in the near future given the company's key technical level and positive earnings estimate revisions.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 Synopsys, Inc. (SNPS): 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