East West Bancorp, Inc. (EWBC) may be a solid choice for technical investors, as the firm saw some good news with its moving average crossover. EWBC just saw its 50 Day Moving Average break out above its 200 Day Simple Moving Average, meaning that there could be some short-term bullishness for the stock.
You could definitely argue that this has already started to take place, as shares of EWBC have jumped by 19.4% in the trailing 4 weeks. If that wasn’t enough, the company currently possesses a Zacks Rank #2 (Buy), so it could have more room to run in the weeks ahead too.
More bullishness may especially be the case when investors consider what has been happening for EWBC on the earnings estimate revision front lately. No estimate has gone lower in the past one month, compared to 7 higher, while the consensus estimate has also moved higher too.
So given this move in estimates, and the positive technical factors, investors may want to watch this breakout candidate closely for more gains in the near future.
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