Palantir Technologies Inc. (PLTR Quick QuotePLTR - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PLTR broke through the 50-day moving average, which suggests 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.

Shares of PLTR have been moving higher over the past four weeks, up 13.7%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that PLTR could be poised for a continued surge.

The bullish case solidifies once investors consider PLTR's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.

Investors may want to watch PLTR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.