After reaching an important support level, PBF Energy (PBF) could be a good stock pick from a technical perspective. PBF surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, PBF has gained 13.8%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
Looking at PBF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PBF for more gains in the near future.
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PBF Energy Inc. (PBF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).