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Danaos (DAC) Crossed Above the 200-Day Moving Average: What That Means for Investors
From a technical perspective, Danaos (DAC - Free Report) is looking like an interesting pick, as it just reached a key level of support. DAC recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Over the past four weeks, DAC has gained 6.5%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account DAC's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch DAC for more gains in the near future given the company's key technical level and positive earnings estimate revisions.