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Genuine Parts (GPC) Just Reclaimed the 200-Day Moving Average
From a technical perspective, Genuine Parts (GPC - Free Report) is looking like an interesting pick, as it just reached a key level of support. GPC recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
GPC could be on the verge of another rally after moving 10.4% 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 GPC's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on GPC for more gains in the near future.