After reaching an important support level, ON Semiconductor Corp. ON could be a good stock pick from a technical perspective. ON surpassed resistance at the 50-day moving average, suggesting 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.ON has rallied 7.7% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests ON could be on the verge of another move higher.The bullish case only gets stronger once investors take into account ON's positive earnings estimate revisions. There have been 12 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ON for more gains in the near future.Discover Today’s Top StocksThe top 5% of stocks get the coveted Zacks Rank #1 (Strong Buy) rating. With its average gain of +25.4% per year since 1988, it easily outperforms the Zacks Rank #5 (Strong Sell) gain of just +3.1% by 8X. So it's easy to understand why checking this list is a smart way to start each trading day.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ON Semiconductor Corporation (ON): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research