After reaching an important support level, Veracyte (VCYT Quick QuoteVCYT - Free Report) could be a good stock pick from a technical perspective. VCYT surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

Over the past four weeks, VCYT has gained 9.6%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.

Once investors consider VCYT'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 2 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 VCYT for more gains in the near future.