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CVR Energy (CVI) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, CVR Energy (CVI - Free Report) could be a good stock pick from a technical perspective. CVI surpassed resistance at the 200-day moving average, suggesting 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.
CVI could be on the verge of another rally after moving 18.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) 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.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on CVI for more gains in the near future.