After reaching an important support level, Parker-Hannifin (PH Quick QuotePH - Free Report) could be a good stock pick from a technical perspective. PH 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.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Shares of PH have been moving higher over the past four weeks, up 6.4%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that PH could be poised for a continued surge.

The bullish case solidifies once investors consider PH's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, while the consensus estimate has increased too.

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