Wesco International (WCC) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, WCC broke out above the 50-day moving average, suggesting 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.
WCC could be on the verge of another rally after moving 12.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Once investors consider WCC'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 3 higher, and the consensus estimate has increased as well.
Investors should think about putting WCC on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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
WESCO International, Inc. (WCC) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research