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Abercrombie & Fitch (ANF) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, Abercrombie & Fitch (ANF - Free Report) could be a good stock pick from a technical perspective. ANF surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
ANF could be on the verge of another rally after moving 8.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case only gets stronger once investors take into account ANF's positive earnings estimate revisions. There have been 6 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 ANF for more gains in the near future.