Apple (AAPL) Just Overtook the 20-Day Moving Average
After reaching an important support level, Apple (AAPL) could be a good stock pick from a technical perspective. AAPL surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
AAPL could be on the verge of another rally after moving 7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Once investors consider AAPL's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 9 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.
Investors should think about putting AAPL on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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