From a technical perspective, ON Semiconductor Corp. (ON Quick QuoteON - Free Report) is looking like an interesting pick, as it just reached a key level of support. ON recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

ON has rallied 11.4% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests ON could be on the verge of another move higher.

Looking at ON's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

Investors should think about putting ON on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.