Back to top
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
CVR Energy (CVI) Just Overtook 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.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
CVI has rallied 8.2% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests CVI could be on the verge of another move higher.
The bullish case solidifies once investors consider CVI's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.
Investors should think about putting CVI on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.