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Ryerson Holding (RYI) Recently Broke Out Above the 20-Day Moving Average

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From a technical perspective, Ryerson Holding (RYI - Free Report) is looking like an interesting pick, as it just reached a key level of support. RYI recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

Moving Average Chart for RYI

RYI could be on the verge of another rally after moving 10.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.

The bullish case only gets stronger once investors take into account RYI's positive earnings estimate revisions. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on RYI for more gains in the near future.


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