Helmerich & Payne (HP Quick QuoteHP - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, HP broke through the 20-day moving average, which suggests a short-term bullish trend.

The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows 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.

Over the past four weeks, HP has gained 10.2%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider HP's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.

Investors may want to watch HP for more gains in the near future given the company's key technical level and positive earnings estimate revisions.