After reaching an important support level, Garmin (GRMN) could be a good stock pick from a technical perspective. GRMN surpassed resistance at the 50-day moving average, suggesting 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.
Shares of GRMN have been moving higher over the past four weeks, up 19.1%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that GRMN could be poised for a continued surge.
Once investors consider GRMN'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 2 higher, and the consensus estimate has increased as well.
Investors may want to watch GRMN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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