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SkyWest (SKYW) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, SkyWest (SKYW - Free Report) could be a good stock pick from a technical perspective. SKYW surpassed resistance at the 200-day moving average, suggesting 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.
Shares of SKYW have been moving higher over the past four weeks, up 6.2%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that SKYW could be poised for a continued surge.
The bullish case only gets stronger once investors take into account SKYW's positive earnings estimate revisions. There have been 3 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 SKYW for more gains in the near future.