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Abercrombie & Fitch (ANF) Crossed Above the 50-Day Moving Average: What That Means for Investors
From a technical perspective, Abercrombie & Fitch (ANF - Free Report) is looking like an interesting pick, as it just reached a key level of support. ANF recently overtook the 50-day moving average, and this suggests 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.
Over the past four weeks, ANF has gained 5.3%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Looking at ANF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting ANF on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.