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Xilinx (XLNX) Stock Looking Chipper, Could Jump 20%

NEW YORK (TheStreet) -- While parts of the equity market corrected lower over the summer, chipmaker Xilinx (XLNX - Get Report) made a tradable bottom and looks poised to start an up-leg that could eventually retest the $55 high set last year.

Chart readers should notice a small inverse head-and-shoulders pattern above that should act as a continuation pattern. The height of the pattern gives us a projection to the $49 area.

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The 50-day simple moving average has turned up telling us that we are in an uptrend, mathematically. The On-Balance-Volume (OBV) is moving sideways to higher.

This longer view of XLNX, above, shows the stock generating a bullish Moving Average Convergence Divergence crossover with the OBV line inching up.

If XLNX reaches the $49 target from the head-and-shoulders pattern, then the chart looks a lot more bullish and suggests that further strength could carry prices to the $55 level eventually.

Separately, TheStreet Ratings team rates XILINX INC as a...