Root, Inc. (ROOT Quick QuoteROOT - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ROOT broke through the 200-day moving average, which suggests a long-term bullish trend.

The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.

ROOT could be on the verge of another rally after moving 22.7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

The bullish case only gets stronger once investors take into account ROOT's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

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