After reaching an important support level, ON Semiconductor Corp. (ON Quick QuoteON - Free Report) could be a good stock pick from a technical perspective. ON surpassed resistance at 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.

ON has rallied 7.7% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests ON could be on the verge of another move higher.

The bullish case only gets stronger once investors take into account ON's positive earnings estimate revisions. There have been 12 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ON for more gains in the near future.

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