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Abercrombie & Fitch (ANF) Recently Broke Out Above the 200-Day Moving Average
Abercrombie & Fitch (ANF - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ANF broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of ANF have been moving higher over the past four weeks, up 11.8%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that ANF could be poised for a continued surge.
The bullish case solidifies once investors consider ANF's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, while the consensus estimate has increased too.
Investors should think about putting ANF on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.