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

Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, 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 AMPY have been moving higher over the past four weeks, up 26.1%. Plus, the company is currently a #2 (Buy) on the Zacks Rank, suggesting that AMPY could be poised for a breakout.

The bullish case only gets stronger once investors take into account AMPY's positive earnings outlook for the current quarter. There have been 1 upwards revisions compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.

Given this move in earnings estimates and the positive technical factor, investors may want to keep their eye on AMPY for more gains in the near future.