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The Andersons (ANDE) Recently Broke Out Above the 200-Day Moving Average
The Andersons (ANDE - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ANDE broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
ANDE could be on the verge of another rally after moving 19.6% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case solidifies once investors consider ANDE'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.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on ANDE for more gains in the near future.