From a technical perspective, Nabors Industries Ltd. (NBR Quick QuoteNBR - Free Report) is looking like an interesting pick, as it just reached a key level of support. NBR's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.

A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages being the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.

Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

NBR could be on the verge of a breakout after moving 20.2% higher over the last four weeks. Plus, the company is currently a #2 (Buy) on the Zacks Rank.

Looking at NBR's earnings expectations, investors will be even more convinced of the bullish uptrend. For the current quarter, there have been 3 changes higher compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.

Investors may want to watch NBR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.