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Global Partners LP (GLP) Just Reclaimed the 200-Day Moving Average
After reaching an important support level, Global Partners LP (GLP - Free Report) could be a good stock pick from a technical perspective. GLP surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
GLP could be on the verge of another rally after moving 6.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case only gets stronger once investors take into account GLP's positive earnings estimate revisions. 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 GLP on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.