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Brigham Minerals (MNRL) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, MNRL broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.
Like other SMAs, 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 MNRL have been moving higher over the past four weeks, up 14%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that MNRL could be poised for a continued surge.
The bullish case only gets stronger once investors take into account MNRL's positive earnings estimate revisions. There have been 3 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors should think about putting MNRL on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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