From a technical perspective, Global Industrial Company (GIC Quick QuoteGIC - Free Report) is looking like an interesting pick, as it just reached a key level of support. GIC's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.

This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.

GIC has rallied 7.3% over the past four weeks, and the company is a #3 (Hold) on the Zacks Rank at the moment. This combination indicates GIC could be poised for a breakout.

The bullish case solidifies once investors consider GIC's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 1 revision higher in the past 60 days. The Zacks Consensus Estimate has increased too.

Investors may want to watch GIC for more gains in the near future given the company's key technical level and positive earnings estimate revisions.