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

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.

Over the past four weeks, KLAC has gained 8.6%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

Looking at KLAC's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 10 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

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