Petrobras (PBR Quick QuotePBR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PBR crossed above the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Over the past four weeks, PBR has gained 7.7%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider PBR's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, while the consensus estimate has increased too.

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