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Greenbrier Companies (GBX) Recently Broke Out Above the 200-Day Moving Average
From a technical perspective, Greenbrier Companies (GBX - Free Report) is looking like an interesting pick, as it just reached a key level of support. GBX recently overtook the 200-day moving average, and this 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.
GBX has rallied 18.4% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests GBX could be on the verge of another move higher.
Once investors consider GBX'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 1 higher, and the consensus estimate has increased as well.
Investors should think about putting GBX on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.