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Harley-Davidson (HOG)'s Technical Outlook is Bright After Key Golden Cross
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After reaching an important support level, Harley-Davidson, Inc. (HOG - Free Report) could be a good stock pick from a technical perspective. HOG recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
HOG has rallied 21.1% over the past four weeks, and the company is a #3 (Hold) on the Zacks Rank at the moment. This combination indicates HOG could be poised for a breakout.
Once investors consider HOG's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 4 revisions higher, and the Zacks 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 HOG for more gains in the near future.
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Harley-Davidson (HOG)'s Technical Outlook is Bright After Key Golden Cross
After reaching an important support level, Harley-Davidson, Inc. (HOG - Free Report) could be a good stock pick from a technical perspective. HOG recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
HOG has rallied 21.1% over the past four weeks, and the company is a #3 (Hold) on the Zacks Rank at the moment. This combination indicates HOG could be poised for a breakout.
Once investors consider HOG's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 4 revisions higher, and the Zacks 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 HOG for more gains in the near future.