From a technical perspective, Phillips 66 (PSX Quick QuotePSX - Free Report) is looking like an interesting pick, as it just reached a key level of support. PSX recently overtook the 20-day moving average, and this 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.

PSX has rallied 6.2% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests PSX could be on the verge of another move higher.

The bullish case solidifies once investors consider PSX's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.

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