Eli Lilly (LLY Quick QuoteLLY - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, LLY 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 LLY have been moving higher over the past four weeks, up 5.7%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that LLY could be poised for a continued surge.

The bullish case only gets stronger once investors take into account LLY's positive earnings estimate revisions. 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 LLY for more gains in the near future given the company's key technical level and positive earnings estimate revisions.