Phillips 66 (PSX Quick QuotePSX - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, PSX crossed above the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

PSX could be on the verge of another rally after moving 6.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.

Once investors consider PSX's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 7 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

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