After reaching an important support level, SkyWest (SKYW) 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.
SKYW could be on the verge of another rally after moving 8.7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider SKYW'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 SKYW on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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This article originally published on Zacks Investment Research (zacks.com).
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