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Barclays (BCS) Crossed Above the 200-Day Moving Average: What That Means for Investors
Barclays (BCS - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, BCS broke through the 200-day moving average, which 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.
BCS could be on the verge of another rally after moving 15.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case only gets stronger once investors take into account BCS's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting BCS on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.