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Abbott (ABT) Just Overtook the 50-Day Moving Average
After reaching an important support level, Abbott (ABT - Free Report) could be a good stock pick from a technical perspective. ABT surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Over the past four weeks, ABT has gained 5.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Once investors consider ABT'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 10 higher, and the consensus estimate has increased as well.
Investors should think about putting ABT on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.