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Skechers (SKX) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, Skechers (SKX - Free Report) could be a good stock pick from a technical perspective. SKX surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of SKX have been moving higher over the past four weeks, up 5.1%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that SKX could be poised for a continued surge.
Once investors consider SKX'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 2 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on SKX for more gains in the near future.