Astec Industries (ASTE) Just Flashed Golden Cross Signal: Do You Buy?
From a technical perspective, Astec Industries (ASTE) is looking like an interesting pick, as it just reached a key level of support. ASTE recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Shares of ASTE have been moving higher over the past four weeks, up 6.6%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that ASTE could be poised for a continued surge.
Looking at ASTE's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on ASTE for more gains in the near future.
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Astec Industries, Inc. (ASTE) : Free Stock Analysis Report
