After reaching an important support level, Legend Biotech Corporation Sponsored ADR (LEGN Quick QuoteLEGN - Free Report) could be a good stock pick from a technical perspective. LEGN 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.

LEGN has rallied 9.5% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests LEGN could be on the verge of another move higher.

Once investors consider LEGN's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.

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