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Coty (COTY) Just Overtook the 200-Day Moving Average
Coty (COTY - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, COTY broke through the 200-day moving average, which suggests 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 COTY have been moving higher over the past four weeks, up 12.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that COTY could be poised for a continued surge.
Looking at COTY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch COTY for more gains in the near future given the company's key technical level and positive earnings estimate revisions.