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Navios Maritime Partners LP (NMM) Just Reclaimed the 50-Day Moving Average
From a technical perspective, Navios Maritime Partners LP (NMM - Free Report) is looking like an interesting pick, as it just reached a key level of support. NMM 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.
NMM has rallied 18.8% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests NMM could be on the verge of another move higher.
Once investors consider NMM'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 1 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 NMM for more gains in the near future.