After reaching an important support level, Innovative Industrial Properties (IIPR Quick QuoteIIPR - Free Report) could be a good stock pick from a technical perspective. IIPR surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.

The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.

Over the past four weeks, IIPR has gained 9.8%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Once investors consider IIPR's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.

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