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East West Bancorp (EWBC) Just Reclaimed the 200-Day Moving Average
From a technical perspective, East West Bancorp (EWBC - Free Report) is looking like an interesting pick, as it just reached a key level of support. EWBC 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.
EWBC could be on the verge of another rally after moving 11.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at EWBC's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting EWBC on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.