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Gerdau (GGB) Just Overtook the 200-Day Moving Average
From a technical perspective, Gerdau (GGB - Free Report) is looking like an interesting pick, as it just reached a key level of support. GGB recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Shares of GGB have been moving higher over the past four weeks, up 11.9%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that GGB could be poised for a continued surge.
Looking at GGB's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting GGB on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.