Garmin (GRMN) Just Overtook the 20-Day Moving Average
Garmin (GRMN) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, GRMN broke through the 20-day moving average, which suggests a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Shares of GRMN have been moving higher over the past four weeks, up 5.2%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that GRMN could be poised for a continued surge.
The bullish case solidifies once investors consider GRMN's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.
Investors may want to watch GRMN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
