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East West Bancorp (EWBC) Recently Broke Out Above the 50-Day Moving Average
East West Bancorp (EWBC - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, EWBC broke through the 50-day moving average, which suggests 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.
Shares of EWBC have been moving higher over the past four weeks, up 6.1%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that EWBC could be poised for a continued surge.
The bullish case only gets stronger once investors take into account EWBC's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch EWBC for more gains in the near future given the company's key technical level and positive earnings estimate revisions.