Ollie's Bargain Outlet (OLLI Quick QuoteOLLI - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, OLLI broke out above the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.

OLLI has rallied 11.7% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests OLLI could be on the verge of another move higher.

Looking at OLLI's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

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