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Enerplus (ERF) Crossed Above the 50-Day Moving Average: What That Means for Investors
From a technical perspective, Enerplus (ERF - Free Report) is looking like an interesting pick, as it just reached a key level of support. ERF recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, ERF has gained 8.3%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
Looking at ERF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch ERF for more gains in the near future given the company's key technical level and positive earnings estimate revisions.