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Select Energy Services (WTTR) Just Reclaimed the 200-Day Moving Average
Select Energy Services (WTTR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, WTTR broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Over the past four weeks, WTTR has gained 14.6%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider WTTR'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.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on WTTR for more gains in the near future.