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

The bullish case solidifies once investors consider IIPR's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.

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.