Cabot Oil (CBT: sentiment, chart, options) is back on the move today, thanks to a couple of brokerage comments. The first came from KeyBanc Capital, which upped CBT to "buy" from "hold," thanks to a better outlook for carbon black, lower spending on embryonic development, and improvement in supermetals. The firm's analyst upped his 2009 earnings estimate to $2.60 from $2.20 per share, due to the recent decrease in the company's primary carbon black feedstock. The current average analyst estimate comes in at $2.21 per share. Jefferies also got in on the action this morning, upping CBT's price target to $32 from $30, and keeping its "hold" rating on the stock.

In the wake of these brokerage comments, CBT is more than 6.5% higher on the day. The stock is at a crucial point, as it is positioned right at the round-number 30 level. This level has provided support in the past, so it could now reverse roles and act as resistance. Watch this level throughout the rest of the trading day. A close above 30 means that the stock may have reclaimed a previous level of support. If this happens, the next stop could be the 35 level, which is the residence of CBT's 20-month moving average.