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Coterra Energy (CTRA) Just Overtook the 200-Day Moving Average
Coterra Energy (CTRA - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, CTRA crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Over the past four weeks, CTRA has gained 23.7%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account CTRA's positive earnings estimate revisions. There have been 15 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting CTRA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.