Daily Stock Report

Daily Stock Report - August 4, 2020 Texas Instruments - (TXN)

Texas Instruments (TXN) has steadily been rising back up the rankings in the SIA S&P 100 Index Report, and recently returned to the Green Favored Zone for the first time since March. 

Since bottoming out in March, Texas Instruments (TXN) has been steadily advancing, establishing an uptrend of consistently higher lows, completing a series of bullish Ascending triangle breakouts plus its 50 and 200-day averages have completed a bullish Golden Cross. Last week the shares successfully tested support at their 200-day average near $126.00 and have started to advance once again. Initial resistance appears at the recent high near $136.00, followed by $150.00 where a round number and a measured move converge, and then the $170.00 to $175.00 where a cluster of measured moves appears. 

Texas Instruments (TXN) surpassed its January peak back in June and following a brief 3-box consolidation, the shares completed a bullish Double Top pattern and broke out to a new all-time high confirming that its underlying accumulation trend has resumed. 

Next potential upside resistance tests on trend appear near $148.30, $163.75 and $167.00 based on a series of vertical and horizontal counts, along with the $150.00 round number. Initial support appears near $124.10 based on a 3-box reversal. 

With a bullish SMAX score of 8, TXN is exhibiting near-term strength against the asset classes. 

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