James Hardie (JHX) Recently Broke Out Above the 20-Day Moving Average
After reaching an important support level, James Hardie (JHX) could be a good stock pick from a technical perspective. JHX 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.
Shares of JHX have been moving higher over the past four weeks, up 12.5%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that JHX could be poised for a continued surge.
Looking at JHX's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 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 JHX for more gains in the near future.
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James Hardie Industries PLC. (JHX) : Free Stock Analysis Report
