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Coca-Cola (KO) Just Overtook the 50-Day Moving Average
Coca-Cola (KO - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, KO broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
KO could be on the verge of another rally after moving 9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Looking at KO's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 8 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 KO for more gains in the near future.