After reaching an important support level, Enterprise Products Partners (EPD) could be a good stock pick from a technical perspective. EPD surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it’s the first marker of an up or down trend.
Over the past four weeks, EPD has gained 6.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Once investors consider EPD’s positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on EPD for more gains in the near future.
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Enterprise Products Partners L.P. (EPD) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
