After reaching an important support level, Phillips 66 (PSX) could be a good stock pick from a technical perspective. PSX surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.PSX could be on the verge of another rally after moving 6.2% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.The bullish case only gets stronger once investors take into account PSX's positive earnings estimate revisions. There have been 4 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.Investors should think about putting PSX on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions. Profiting from the Metaverse, The 3rd Internet Boom (Free Report): Get Zacks' special report revealing top profit plays for the internet's next evolution. Early investors still have time to get in near the "ground floor" of this $30 trillion opportunity. You'll discover 5 surprising stocks to help you cash in.Download the report FREE today >>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 Phillips 66 (PSX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research