Xilinx is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, XLNX broke out above the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.

XLNX has rallied 8.3% over the past four weeks, and the company is a Zacks Rank #1 (Strong Buy) at the moment. This combination suggests XLNX could be on the verge of another move higher.

Once investors consider XLNX's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 6 higher, and the consensus estimate has increased as well.

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