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Amtech Systems (ASYS) Just Overtook the 200-Day Moving Average
From a technical perspective, Amtech Systems (ASYS - Free Report) is looking like an interesting pick, as it just reached a key level of support. ASYS recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
ASYS could be on the verge of another rally after moving 27% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider ASYS's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Investors should think about putting ASYS on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.