Fifth Third Bancorp (FITB Quick QuoteFITB - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, FITB broke through the 20-day moving average, which suggests 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.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

FITB could be on the verge of another rally after moving 8.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

The bullish case solidifies once investors consider FITB's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 8 higher, while the consensus estimate has increased too.

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