After reaching an important support level, Echo Global Logistics (ECHO) could be a good stock pick from a technical perspective. ECHO surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Shares of ECHO have been moving higher over the past four weeks, up 11%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that ECHO could be poised for a continued surge.
Looking at ECHO's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting ECHO on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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Echo Global Logistics, Inc. (ECHO) : Free Stock Analysis Report
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