After reaching an important support level, O-I Glass (OI Quick QuoteOI - Free Report) could be a good stock pick from a technical perspective. OI surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show 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.

Over the past four weeks, OI has gained 16.2%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.

The bullish case only gets stronger once investors take into account OI's positive earnings estimate revisions. There have been 3 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

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