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Moving Average Crossover Alert: Schnitzer Steel Industries

Zacks Equity Research
·2 mins read

Schnitzer Steel Industries, Inc. SCHN is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front. Recently, the 50 Day Moving Average for SCHN broke out above the 200 Day Simple Moving Average, suggesting a short-term bullish trend.

This has already started to take place, as the stock has moved higher by 11.6% in the past four weeks. Plus, the company currently has a Zacks Rank #1 (Strong Buy) suggesting that now could definitely be the time for this breakout candidate.

More bullishness may especially be the case when investors consider what has been happening for SCHN on the earnings estimate revision front lately. No estimate has gone lower in the past two months, compared to 2 higher, while the consensus estimate has also moved higher too.

So, given this move in estimates, and the positive technical factors, investors may want to watch this breakout candidate closely for more gains in the near future. You can see the complete list of today’s Zacks #1 Rank stocks here.

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Zacks Investment Research