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Cushman & Wakefield (CWK) Just Overtook the 50-Day Moving Average
Cushman & Wakefield (CWK - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CWK broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
CWK has rallied 7% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests CWK could be on the verge of another move higher.
The bullish case solidifies once investors consider CWK's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, while the consensus estimate has increased too.
Investors may want to watch CWK for more gains in the near future given the company's key technical level and positive earnings estimate revisions.