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Huntsman (HUN) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, HUN broke out above the 50-day moving average, suggesting a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
HUN has rallied 7.3% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests HUN could be on the verge of another move higher.
Once investors consider HUN's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, and the consensus estimate has increased as well.
Investors may want to watch HUN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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