The Texas Instruments Incorporated (NASDAQ: TXN) stock past price action on its chart displayed an advancement it made around March 2020. From a low of $93, TXN price formed higher highs and lows structure and reached a high of $202 by October 2021.
Afterward, on the chart, TXN highlighted a decline from over the past period ending September 2021. The price dropped to form a support at $145, the price level where stock attempted to surge again on the chart. However, the TXN price’s trading range ended up converging in the last two years.
Moreover, on analyzing the past 52 weeks’ price on the chart, TXN showed poor performance and weakness over the chart, as it was down by 12.26%. This weakness continued as TXN was down 13.99% in the last six months as well. Within three months, the price fell 20.48%.
On July 25th, 2023, the TXN stock gave an earnings report for the period ending June 2023, which was positive both earnings and revenue-wise. However, the investors took profit booking as they were eagerly holding their horses to do so, and this led to a price breakdown over the TXN chart.
On top of that, the stock declared its recent earnings report on October 24th, 2023 in TXN for the September 2023 period ending. In this quarter’s report, TXN stock highlighted a positive surprise in EPS as reported earnings were 1.81% higher than the estimated. Texas Instruments Inc. showed revenue of 4.53 Billion with a net income of 1.71 Billion, where the reported revenue missed analysts’ estimates by 1.02%.
The latest earnings did not show any boost in TXN price yet over the chart. Therefore, it is expected in TXN price that either an up move or a down move from the immediate levels can occur soon in the next sessions on the charts.
Furthermore, if the buyers boost more, the TXN stock might surge strongly from the current level and surge above. The possible targets are between $150 and $160.
On the contrary, if TXN stock fails to hold its grip and continuously declines and breaches below $134, it may hit $125.
Currently, TXN stock is trading below the 20 and 50-day exponential moving averages, which are rejecting the price momentum.
The current value of RSI is 20.37 points. The 14 SMA is above the median line at 32.00 points which indicates that the TXN stock is bearish.
The MACD line at 4.40 and the signal line at 3.47 are below the zero line. A bearish crossover is observed in the MACD indicator which signals bearishness in the momentum of the TXN stock price.
Will TXN Price Show Upside or Downside Move Next?
Summary
The technical analysis tools of the Texas stock price highlight downward signals and support bearishness. Texas Instruments Incorporated (NASDAQ: TXN) chart indicates that the traders and investors of the share price are bearish and negative on the 1-D timeframe. The price action shows a lower highs and lows formation in TXN stock showing signs of a more bearish outlook at the time of publishing.
Technical Levels
Support Levels: $134 and $125
Resistance Levels: $150 and $160
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/26/q3-report-in-nasdaq-txn-stock-passed-recently-whats-next/