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PBF Energy (PBF) Just Reclaimed the 50-Day Moving Average
PBF Energy (PBF - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PBF broke out above 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.
PBF could be on the verge of another rally after moving 8.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case solidifies once investors consider PBF's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, while the consensus estimate has increased too.
Investors may want to watch PBF for more gains in the near future given the company's key technical level and positive earnings estimate revisions.