If history is any guide, there may be good fortune ahead for shares of Magellan Midstream (NYSE:MMP). A so-called "golden cross" has formed on its chart and, not surprisingly, this could be bullish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.
The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.
That just happened with Magellan Midstream, which is trading around $49.60 at publication time.
Remember: Seasoned investors don't blindly trade Golden Crosses.
Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.
For seasoned investors, this is just a sign that it might be time to start considering possible long positions.
With that in mind, take a look at Magellan Midstream's past and upcoming earnings expectations:
| Quarter | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|
| EPS Estimate | 1.10 | 0.97 | 1.01 | 0.85 |
| EPS Actual | 1.24 | 1.09 | 1.38 | 1.09 |
| Revenue Estimate | 663.37M | 639.83M | 563.73M | 668.51M |
| Revenue Actual | 809.30M | 639.05M | 653.64M | 661.07M |
Also consider this overview of Magellan Midstream analyst ratings:
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
