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Levi Strauss (LEVI) Recently Broke Out Above the 50-Day Moving Average
Levi Strauss (LEVI - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LEVI broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
Shares of LEVI have been moving higher over the past four weeks, up 6.4%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that LEVI could be poised for a continued surge.
The bullish case solidifies once investors consider LEVI's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on LEVI for more gains in the near future.