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Arcos Dorados (ARCO) Just Reclaimed the 200-Day Moving Average
Arcos Dorados (ARCO - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ARCO crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Shares of ARCO have been moving higher over the past four weeks, up 7.1%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that ARCO could be poised for a continued surge.
Looking at ARCO's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ARCO for more gains in the near future.