After reaching an important support level, Bunge Limited (BG Quick QuoteBG - Free Report) could be a good stock pick from a technical perspective. BG recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

A successful golden cross event has three stages. It first begins when a stock's price on the decline bottoms out. Then, its shorter moving average crosses above its longer moving average, triggering a positive trend reversal. The third and final phase occurs when the stock maintains its upward momentum.

This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.

Shares of BG have been moving higher over the past four weeks, up 5.9%. Plus, the company is currently a #2 (Buy) on the Zacks Rank, suggesting that BG could be poised for a breakout.

Once investors consider BG's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 2 revisions higher, and the Zacks Consensus Estimate has increased as well.

Investors may want to watch BG for more gains in the near future given the company's key technical level and positive earnings estimate revisions.