After reaching an important support level, Netflix (NFLX Quick QuoteNFLX - Free Report) could be a good stock pick from a technical perspective. NFLX surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.

The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides 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.

NFLX has rallied 6.7% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests NFLX could be on the verge of another move higher.

Once investors consider NFLX's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 12 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.

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