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Scorpio Tankers (STNG) Recently Broke Out Above the 200-Day Moving Average
From a technical perspective, Scorpio Tankers (STNG - Free Report) is looking like an interesting pick, as it just reached a key level of support. STNG recently overtook the 200-day moving average, and this suggests 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.
Over the past four weeks, STNG has gained 5.1%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider STNG's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on STNG for more gains in the near future.