Ryerson Holding (RYI Quick QuoteRYI - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, RYI broke through the 20-day moving average, which suggests 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.

RYI has rallied 9.4% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests RYI could be on the verge of another move higher.

Looking at RYI's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

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