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RPC (RES) Recently Broke Out Above the 200-Day Moving Average
RPC (RES - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, RES crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Shares of RES have been moving higher over the past four weeks, up 10.3%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that RES could be poised for a continued surge.
The bullish case solidifies once investors consider RES's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Investors should think about putting RES on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.