Blackstone Group (BX) Recently Broke Out Above the 20-Day Moving Average
After reaching an important support level, Blackstone Group (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.
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.
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 BX have been moving higher over the past four weeks, up 9.8%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that BX could be poised for a continued surge.
The bullish case only gets stronger once investors take into account BX's positive earnings estimate revisions. There have been 7 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors may want to watch BX for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Blackstone Group IncThe (BX) : Free Stock Analysis Report
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