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Pebblebrook Hotel (PEB) Just Reclaimed the 200-Day Moving Average
Pebblebrook Hotel (PEB - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PEB broke through the 200-day moving average, which suggests 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.
PEB could be on the verge of another rally after moving 12.1% 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 PEB'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.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PEB for more gains in the near future.