Technically speaking, Aecom Technology (ACM) appears to be an intriguing choice since it has hit a crucial support level. Recently, ACM surpassed the 200-day moving average, which indicates a potential long-term uptrend.
The 200-day simple moving average serves as an essential instrument for both traders and analysts, helping them discern broader market tendencies for various assets like stocks, commodities, indices, and more over extended periods. This indicator shifts up or down reflecting major price movements over time and acts either as a support or resistance barrier.
Over the last four weeks, shares of ACM have climbed by 12%, showing an upward trend. Additionally, with a current Zacks Rank of #2 (Buy), ACM appears likely to continue this rise.
The optimistic viewpoint becomes stronger as investors take into account ACM’s favorable earnings forecast adjustments. In the last two months, for the present fiscal year, none of the estimates have decreased; instead, two have risen, with the overall consensus estimate also showing an upward trend.
Given the highly significant technical indicator and the upward revision in earnings estimates, investors might want to consider adding ACM to their watchlist.
The article was initially posted on Zacks Investment Research (Dailyexe).
