Grindrod Shipping Holdings Ltd. (GRIN) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, GRIN broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
GRIN could be on the verge of another rally after moving 7.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at GRIN's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, 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 GRIN for more gains in the near future.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Grindrod Shipping Holdings Ltd. (GRIN) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research