- Oops!Something went wrong.Please try again later.
After reaching an important support level, Blackstone Inc. (BX) could be a good stock pick from a technical perspective. BX surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives 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.
BX could be on the verge of another rally after moving 8.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case only gets stronger once investors take into account BX's positive earnings estimate revisions. There have been 5 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors should think about putting BX on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Blackstone Inc. (BX) : Free Stock Analysis Report
To read this article on Zacks.com click here.