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CVR Energy (CVI) Just Overtook the 50-Day Moving Average
CVR Energy (CVI - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CVI broke through the 50-day moving average, which 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, CVI has gained 13%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
Looking at CVI'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 CVI on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.