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Marten Transport, Ltd. (MRTN) Recently Broke Out Above the 50-Day Moving Average
Marten Transport, Ltd. (MRTN - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, MRTN broke through the 50-day moving average, which suggests 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.
MRTN has rallied 22.3% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests MRTN could be on the verge of another move higher.
Once investors consider MRTN'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 2 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on MRTN for more gains in the near future.