From a technical perspective, Legend Biotech Corporation Sponsored ADR (LEGN Quick QuoteLEGN - Free Report) is looking like an interesting pick, as it just reached a key level of support. LEGN recently overtook the 200-day moving average, and this suggests a long-term bullish trend.

The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.

Shares of LEGN have been moving higher over the past four weeks, up 13.3%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that LEGN could be poised for a continued surge.

The bullish case solidifies once investors consider LEGN's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.

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