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

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

BP could be on the verge of another rally after moving 5.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.

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.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on BP for more gains in the near future.