Archer Daniels Midland (ADM Quick QuoteADM - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ADM broke out above the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

ADM could be on the verge of another rally after moving 8.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

Once investors consider ADM'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 6 higher, and the consensus estimate has increased as well.

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