Newmont Corporation (NEM Quick QuoteNEM - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, NEM broke through the 20-day moving average, which 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.

The 20-day moving average can show signals that are similar to other SMAs as well. 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.

NEM could be on the verge of another rally after moving 6.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.

Once investors consider NEM's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 6 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

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