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CVR Energy (CVI) Recently Broke Out Above the 50-Day Moving Average
CVR Energy (CVI - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, CVI 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.
CVI could be on the verge of another rally after moving 9.6% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Once investors consider CVI's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on CVI for more gains in the near future.