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Hibbett Sports (HIBB) Recently Broke Out Above the 20-Day Moving Average

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Hibbett Sports (HIBB - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, HIBB broke through the 20-day moving average, which suggests a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Moving Average Chart for HIBB

HIBB has rallied 23.6% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests HIBB could be on the verge of another move higher.

Once investors consider HIBB's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 1 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on HIBB for more gains in the near future.


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