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BP (BP) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, BP crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
BP could be on the verge of another rally after moving 11.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at BP's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch BP for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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BP p.l.c. (BP) : Free Stock Analysis Report
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