Should You Buy Lumentum (LITE) After Golden Cross?

Technical Analysis - Lumentum Holdings Inc. (LITE) has reached a key level of support, indicating potential for upward movement [1] - A "golden cross" has occurred, with LITE's 50-day simple moving average crossing above its 200-day simple moving average, suggesting a bullish breakout may be on the horizon [1] - The golden cross pattern typically indicates stronger breakouts due to the involvement of longer time periods [1] Market Performance - LITE has experienced a rally of 31.1% over the past four weeks, indicating positive momentum [3] - The company currently holds a 3 (Hold) rating on the Zacks Rank, suggesting it could be poised for further breakout [3] Earnings Outlook - Positive earnings outlook for the current quarter supports the bullish case for LITE, with no earnings estimates decreasing in the past two months and eight revisions higher [3] - The Zacks Consensus Estimate for LITE has also increased, reinforcing the positive sentiment around the company's performance [3] Investment Consideration - Investors are encouraged to consider adding LITE to their watchlist due to the significant technical indicator and the positive movement in earnings estimates [5]