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Matador Resources (MTDR) Just Overtook the 50-Day Moving Average
Matador Resources (MTDR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, MTDR broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
MTDR has rallied 17.7% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests MTDR could be on the verge of another move higher.
Looking at MTDR's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch MTDR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.