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Invesco Mortgage Capital (IVR) Just Overtook the 50-Day Moving Average
From a technical perspective, Invesco Mortgage Capital (IVR - Free Report) is looking like an interesting pick, as it just reached a key level of support. IVR recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
IVR could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case only gets stronger once investors take into account IVR's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting IVR on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.