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Annaly Capital Management (NLY) Just Overtook the 200-Day Moving Average
Annaly Capital Management (NLY - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, NLY broke through the 200-day moving average, which suggests 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.
NLY has rallied 11% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests NLY could be on the verge of another move higher.
The bullish case solidifies once investors consider NLY'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 should think about putting NLY on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.