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Scorpio Tankers (STNG) Crossed Above the 50-Day Moving Average: What That Means for Investors
Scorpio Tankers (STNG - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, STNG broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
STNG could be on the verge of another rally after moving 5.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
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.
Investors may want to watch STNG for more gains in the near future given the company's key technical level and positive earnings estimate revisions.