After reaching an important support level, Steel Dynamics (STLD Quick QuoteSTLD - Free Report) could be a good stock pick from a technical perspective. STLD surpassed resistance at the 50-day moving average, suggesting 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.

Over the past four weeks, STLD has gained 12%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Looking at STLD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

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