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Graphic Packaging (GPK) Crossed Above the 50-Day Moving Average: What That Means for Investors
From a technical perspective, Graphic Packaging (GPK - Free Report) is looking like an interesting pick, as it just reached a key level of support. GPK recently overtook the 50-day moving average, and this 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.
Over the past four weeks, GPK has gained 5.1%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Once investors consider GPK's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, and the consensus estimate has increased as well.
Investors should think about putting GPK on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.