KLA (KLAC Quick QuoteKLAC - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, KLAC crossed above the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.

Like other SMAs, 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.

KLAC has rallied 7.4% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests KLAC could be on the verge of another move higher.

The bullish case solidifies once investors consider KLAC's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 9 higher, while the consensus estimate has increased too.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on KLAC for more gains in the near future.