From a technical perspective, Phreesia, Inc. (PHR) is looking like an interesting pick, as it just reached a key level of support. PHR's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The third stage is when a stock continues the upward momentum to higher prices.

This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.

Over the past four weeks, PHR has gained 11.8%. The company currently sits at a #3 (Hold) on the Zacks Rank, also indicating that the stock could be poised for a breakout.

The bullish case solidifies once investors consider PHR's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 5 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.

Investors may want to watch PHR for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

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