Atkore Inc. (ATKR) Recently Broke Out Above the 20-Day Moving Average
From a technical perspective, Atkore Inc. (ATKR) is looking like an interesting pick, as it just reached a key level of support. ATKR recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides 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.
Over the past four weeks, ATKR has gained 14.6%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account ATKR's positive earnings estimate revisions. There have been 1 revisions higher for the current fiscal year compared to none lower, 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 ATKR for more gains in the near future.
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Atkore Inc. (ATKR) : Free Stock Analysis Report
