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Gerdau (GGB) Crossed Above the 50-Day Moving Average: What That Means for Investors

Gerdau (GGB) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, GGB broke out above the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.

GGB could be on the verge of another rally after moving 11.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

Once investors consider GGB'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 1 higher, and the consensus estimate has increased as well.

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Investors may want to watch GGB for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

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Zacks Investment Research