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Breakout for Texas Instruments (NYSE: TXN

January 20, 2012

Two weeks ago we wrote that shares of Texas Instruments (NYSE: TXN) had been in rally mode since reversing off support on December 19, 2011.

On Wednesday, January 18, share prices broke out to new rally highs and closed above the July 5, 2011 rally high. Since we wrote the last report TXN has rallied 10%.

TXN has also surpassed a declining trend resistance line on the daily chart. This line is drawn by connecting the closing highs at $31.79 on November 4 and then $30.67 on December 7. The current advance has closed decisively above this resistance line.

Look for TXN to test the prior 2011 highs at 36.56, reached on March 3, 2011, in coming weeks.

Strong support is at $32.00 a share.

The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Texas Instruments (NYSE: TXN).

Posted on January 19, 2012 in Stock, ETF and Market Analysis |

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