Should You Buy AMN Healthcare Services (AMN) After Golden Cross?

AMN Healthcare Services Inc (AMN) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, AMN's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross."

A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.

There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The third stage is when a stock continues the upward momentum to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

AMN could be on the verge of a breakout after moving 19.2% higher over the last four weeks. Plus, the company is currently a #3 (Hold) on the Zacks Rank.

Looking at AMN's earnings expectations, investors will be even more convinced of the bullish uptrend. For the current quarter, there have been 3 changes higher compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.

Given this move in earnings estimates and the positive technical factor, investors may want to keep their eye on AMN for more gains in the near future.

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

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