BP (BP Quick QuoteBP - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, BP broke through the 200-day moving average, which suggests a long-term bullish trend.

The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.

Over the past four weeks, BP has gained 5.8%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.

Looking at BP's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

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