Ryerson Holding (RYI) Recently Broke Out Above the 20-Day Moving Average
After reaching an important support level, Ryerson Holding (RYI) could be a good stock pick from a technical perspective. RYI surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
The 20-day moving average can show signals that are similar to other SMAs as well. 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.
RYI could be on the verge of another rally after moving 9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
The bullish case solidifies once investors consider RYI'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 may want to watch RYI for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Ryerson Holding Corporation (RYI) : Free Stock Analysis Report
