Hewlett Packard Enterprise (HPE Quick QuoteHPE - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, HPE broke through the 200-day moving average, which suggests a long-term bullish trend.

The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.

HPE could be on the verge of another rally after moving 18% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

The bullish case solidifies once investors consider HPE's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, while the consensus estimate has increased too.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on HPE for more gains in the near future.