From a technical perspective, Arrow Electronics (ARW Quick QuoteARW - Free Report) is looking like an interesting pick, as it just reached a key level of support. ARW recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Shares of ARW have been moving higher over the past four weeks, up 5.1%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that ARW could be poised for a continued surge.

Once investors consider ARW's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 4 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

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