BP (BP Quick QuoteBP - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, BP broke through the 50-day moving average, which suggests a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

Shares of BP have been moving higher over the past four weeks, up 11.1%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that BP could be poised for a continued surge.

The bullish case only gets stronger once investors take into account BP's positive earnings estimate revisions. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

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