The Andersons (ANDE) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, The Andersons (ANDE) is looking like an interesting pick, as it just reached a key level of support. ANDE recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
ANDE has rallied 6.9% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests ANDE could be on the verge of another move higher.
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 1 higher, while the consensus estimate has increased too.
Investors should think about putting ANDE on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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