ConocoPhillips (COP Quick QuoteCOP - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, COP broke through the 50-day moving average, which suggests a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

Over the past four weeks, COP has gained 18%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.

Looking at COP's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on COP for more gains in the near future.