Palantir Technologies Inc. (PLTR Quick QuotePLTR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PLTR crossed above the 20-day moving average, suggesting 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, PLTR has gained 10.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

The bullish case only gets stronger once investors take into account PLTR's positive earnings estimate revisions. There have been 2 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 PLTR on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.