SkyWest (SKYW) Just Overtook the 200-Day Moving Average

SkyWest (SKYW) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, SKYW crossed above the 200-day moving average, suggesting a long-term bullish trend.

The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.

SKYW has rallied 5.3% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests SKYW could be on the verge of another move higher.

Looking at SKYW's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors should think about putting SKYW on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.

Zacks Names #1 Semiconductor Stock

This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.

With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research