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

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

LRCX could be on the verge of another rally after moving 12.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

Looking at LRCX's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 12 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

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