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

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.

EL has rallied 13.5% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests EL could be on the verge of another move higher.

Looking at EL'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.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on EL for more gains in the near future.