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Annaly Capital Management (NLY) Recently Broke Out Above the 200-Day Moving Average
Annaly Capital Management (NLY - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NLY crossed above the 200-day moving average, suggesting 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 NLY have been moving higher over the past four weeks, up 6%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that NLY could be poised for a continued surge.
Looking at NLY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on NLY for more gains in the near future.