Abercrombie & Fitch (ANF) Recently Broke Out Above the 50-Day Moving Average

From a technical perspective, Abercrombie & Fitch (ANF) is looking like an interesting pick, as it just reached a key level of support. ANF recently overtook the 50-day moving average, and this suggests a short-term bullish trend.The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.Over the past four weeks, ANF has gained 8.3%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.Looking at ANF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.Investors may want to watch ANF for more gains in the near future given the company's key technical level and positive earnings estimate revisions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.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 $803 billion by 2028.See This Stock Now for Free >>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 Abercrombie & Fitch Company (ANF): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks