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Kimbell Royalty (KRP) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, Kimbell Royalty (KRP - Free Report) could be a good stock pick from a technical perspective. KRP 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.
Shares of KRP have been moving higher over the past four weeks, up 5.8%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that KRP could be poised for a continued surge.
The bullish case solidifies once investors consider KRP'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 KRP on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.