BioMarin Pharmaceutical Inc. (BMRN Quick QuoteBMRN - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, BMRN's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."

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 contrasts with a death cross, another widely-followed chart pattern that suggests bearish momentum could be on the horizon.

BMRN has rallied 22.3% over the past four weeks, and the company is a #3 (Hold) on the Zacks Rank at the moment. This combination indicates BMRN could be poised for a breakout.

The bullish case solidifies once investors consider BMRN's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 7 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.

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