Cracker Barrel Old Country Store (CBRL) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, CBRL crossed above the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows 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 CBRL have been moving higher over the past four weeks, up 8.8%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that CBRL could be poised for a continued surge.
Looking at CBRL's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 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 CBRL for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Cracker Barrel Old Country Store, Inc. (CBRL): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).