After reaching an important support level, Ollie's Bargain Outlet (OLLI) could be a good stock pick from a technical perspective. OLLI surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Shares of OLLI have been moving higher over the past four weeks, up 20.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that OLLI could be poised for a continued surge.
Once investors consider OLLI's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on OLLI for more gains in the near future.
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Ollie's Bargain Outlet Holdings, Inc. (OLLI): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).