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Barclays (BCS) Just Overtook the 200-Day Moving Average
After reaching an important support level, Barclays (BCS - Free Report) could be a good stock pick from a technical perspective. BCS surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
BCS has rallied 16.6% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests BCS could be on the verge of another move higher.
Looking at BCS'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 BCS for more gains in the near future.