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Bunge (BG) Just Overtook the 200-Day Moving Average
Bunge (BG - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, BG crossed above the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of BG have been moving higher over the past four weeks, up 19.2%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that BG could be poised for a continued surge.
Once investors consider BG'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 4 higher, and the consensus estimate has increased as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on BG for more gains in the near future.