PBF Energy (PBF) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PBF broke out above the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
PBF could be on the verge of another rally after moving 6.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Once investors consider PBF'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 5 higher, and the consensus estimate has increased as well.
Investors should think about putting PBF on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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PBF Energy Inc. (PBF): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).