After reaching an important support level, Devon Energy (DVN Quick QuoteDVN - Free Report) could be a good stock pick from a technical perspective. DVN surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.

DVN has rallied 11.9% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests DVN could be on the verge of another move higher.

Once investors consider DVN's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, and the consensus estimate has increased as well.

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