Ulta Beauty (ULTA Quick QuoteULTA - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ULTA crossed above the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

ULTA has rallied 6% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests ULTA could be on the verge of another move higher.

Looking at ULTA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 14 revisions higher for the current fiscal year compared to none lower, 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 ULTA for more gains in the near future.