Resideo(REZI) ZACKS·2024-11-20 15:55Core Viewpoint - Resideo Technologies, Inc. (REZI) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a key level of support has been reached [1] Technical Analysis - REZI's 50-day simple moving average has crossed above its 200-day simple moving average, a pattern known as a "golden cross," which is typically associated with bullish market sentiment [1] - A successful golden cross event consists of three stages: a price decline bottoming out, the shorter moving average crossing above the longer moving average, and the stock maintaining upward momentum [2] Performance Metrics - Over the past four weeks, REZI has experienced a gain of 26.5%, indicating strong performance [3] - The company currently holds a 1 (Strong Buy) rating on the Zacks Rank, suggesting it may be poised for further breakout [3] Earnings Outlook - The positive earnings outlook for the current quarter strengthens the bullish case for REZI, with no earnings estimates having declined in the past two months and one revision higher [3][4] - The Zacks Consensus Estimate has also seen an increase, further supporting the positive sentiment around the stock [4] Investment Consideration - Given the significant technical indicators and the positive movement in earnings estimates, investors are encouraged to consider adding REZI to their watchlist [4]