After reaching an important support level, Occidental Petroleum (OXY Quick QuoteOXY - Free Report) could be a good stock pick from a technical perspective. OXY surpassed resistance at the 20-day moving average, suggesting 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.

Like other SMAs, 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.

Shares of OXY have been moving higher over the past four weeks, up 10.8%. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock, suggesting that OXY could be poised for a continued surge.

Looking at OXY's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.

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