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Golar LNG (GLNG) Just Overtook the 50-Day Moving Average
Golar LNG (GLNG - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, GLNG broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
GLNG has rallied 7.8% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests GLNG could be on the verge of another move higher.
The bullish case solidifies once investors consider GLNG's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on GLNG for more gains in the near future.