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

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides 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.

ASML has rallied 5.5% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests ASML could be on the verge of another move higher.

The bullish case only gets stronger once investors take into account ASML's positive earnings estimate revisions. There have been 1 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

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