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Abercrombie & Fitch (ANF) Crossed Above the 200-Day Moving Average: What That Means for Investors
Abercrombie & Fitch (ANF - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ANF crossed above the 200-day moving average, suggesting 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.
ANF has rallied 7.4% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests ANF could be on the verge of another move higher.
The bullish case solidifies once investors consider ANF's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, while the consensus estimate has increased too.
Investors may want to watch ANF for more gains in the near future given the company's key technical level and positive earnings estimate revisions.