Nucor (NUE Quick QuoteNUE - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NUE 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.

NUE could be on the verge of another rally after moving 9.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

The bullish case only gets stronger once investors take into account NUE's positive earnings estimate revisions. There have been 4 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 NUE on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.