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AutoZone (AZO) Crossed Above the 50-Day Moving Average: What That Means for Investors
AutoZone (AZO - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, AZO broke out above the 50-day moving average, suggesting 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.
Over the past four weeks, AZO has gained 5.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at AZO's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 11 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on AZO for more gains in the near future.