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Bullish Pattern for Texas Instruments (NYSE: TXN)

January 11, 2012

Shares of the Texas Instruments (NYSE: TXN) have been in rally mode since reversing off support on December 19, 2011.

This support level was the prior correction low established November 25 at $27.79.

The current advance comes off a double bottom.

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.

In trading on Tuesday, January 10, TXN is up 1.3% and while the major indexes have pulled back from their midday highs, TXN is near its highs at the close.

Strong support is at $28.00 a share.

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

Posted on January 10, 2012 in Stock, ETF and Market Analysis |

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