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Lovesac (LOVE) Just Overtook the 200-Day Moving Average
Lovesac (LOVE - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LOVE 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.
LOVE has rallied 15.3% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests LOVE could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account LOVE'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.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on LOVE for more gains in the near future.