After reaching an important support level, Fastenal (FAST Quick QuoteFAST - Free Report) could be a good stock pick from a technical perspective. FAST surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.

The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.

Over the past four weeks, FAST has gained 6.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

Once investors consider FAST's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 8 higher, and the consensus estimate has increased as well.

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