From a technical perspective, Phillips 66 (PSX Quick QuotePSX - Free Report) is looking like an interesting pick, as it just reached a key level of support. PSX recently overtook the 20-day moving average, and this suggests 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.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Shares of PSX have been moving higher over the past four weeks, up 6.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that PSX could be poised for a continued surge.

The bullish case solidifies once investors consider PSX's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 8 higher, while the consensus estimate has increased too.

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