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Cross Country Healthcare (CCRN) Crossed Above the 200-Day Moving Average: What That Means for Investors
Cross Country Healthcare (CCRN - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CCRN broke through the 200-day moving average, which suggests 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.
CCRN could be on the verge of another rally after moving 21.7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case solidifies once investors consider CCRN's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 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 CCRN for more gains in the near future.