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Plains All American Pipeline (PAA) Just Overtook the 50-Day Moving Average
After reaching an important support level, Plains All American Pipeline (PAA - Free Report) could be a good stock pick from a technical perspective. PAA surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
PAA has rallied 5.5% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests PAA could be on the verge of another move higher.
Looking at PAA'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 should think about putting PAA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.