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Boyd Gaming (BYD) Just Reclaimed the 200-Day Moving Average
Boyd Gaming (BYD - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, BYD broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
BYD could be on the verge of another rally after moving 11.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Looking at BYD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 4 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch BYD for more gains in the near future given the company's key technical level and positive earnings estimate revisions.