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BP (BP) Just Overtook the 50-Day Moving Average

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From a technical perspective, BP (BP - Free Report) is looking like an interesting pick, as it just reached a key level of support. BP 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, BP has gained 5.9%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Once investors consider BP'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 6 higher, and the consensus estimate has increased as well.

Investors may want to watch BP for more gains in the near future given the company's key technical level and positive earnings estimate revisions.


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