Enterprise Products Partners (EPD) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, EPD crossed above the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
EPD has rallied 6.9% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests EPD could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account EPD’s positive earnings estimate revisions. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch EPD for more gains in the near future given the company’s key technical level and positive earnings estimate revisions.
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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.
