After reaching an important support level, Lyft (LYFT Quick QuoteLYFT - Free Report) could be a good stock pick from a technical perspective. LYFT surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives 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, LYFT has gained 19.8%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Once investors consider LYFT's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 1 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on LYFT for more gains in the near future.