From a technical perspective, Lam Research (LRCX Quick QuoteLRCX - Free Report) is looking like an interesting pick, as it just reached a key level of support. LRCX recently overtook the 50-day moving average, and this suggests a short-term bullish trend.

The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.

Over the past four weeks, LRCX has gained 6.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider LRCX's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, while the consensus estimate has increased too.

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