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CVR Energy (CVI) Just Flashed Golden Cross Signal: Do You Buy?
CVR Energy (CVI - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CVI broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows 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.
Shares of CVI have been moving higher over the past four weeks, up 8.2%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that CVI could be poised for a continued surge.
The bullish case only gets stronger once investors take into account CVI's positive earnings estimate revisions. There have been 2 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 CVI for more gains in the near future.