Alpha and Omega Semiconductor (AOSL Quick QuoteAOSL - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, AOSL broke through the 200-day moving average, which suggests a long-term bullish trend.

The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.

AOSL could be on the verge of another rally after moving 35.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.

The bullish case only gets stronger once investors take into account AOSL's positive earnings estimate revisions. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on AOSL for more gains in the near future.