Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Texas Instruments Inc. (NASDAQ: TXN) stock is close to registering a much-awaited breakout, soon. Moreover, TXN stock is set to give its Q2 results next week. However, analysts also expect a growth outlook and favourable numbers this time. Moreover, the stock maintained the gains and traded in an uptrend above the key moving averages.
TXN stock price is now at a range where it was rejected multiple times and retested the base. This rejection and bounce sequence continued for the past months, and the price is near the resistance again. However, this time strong conviction arose, and buyers attained strong momentum now. Furthermore, the ascending triangle pattern also formed on the charts, and buyers started accumulating with volume from the last sessions.
TXN Stock Favours Buyers On Daily Charts
On the daily charts, TXN stock showed an ascending triangle pattern which suggests a near-term breakout above the neckline of $186.
At press time, TXN stock price was traded at $184.32 with an intraday gain of 2.45% showing bullishness in yesterday’s session. Moreover, the trading volume increased massively by 12.22% to 17.252 Million showing demand rise among investors. The market cap is $167.299 Billion.
About Texas Instruments Inc. (TXN Stock) And Its Performance
Texas Instruments Incorporated engages in the design and manufacture of semiconductors. It operates through Analog and Embedded Processing segments. The Analog segment includes semiconductors that change real-world signals, such as sound, temperature, pressure or images, by conditioning them, amplifying them, and often converting them to a stream of digital data that can be processed by other semiconductors, such as embedded processors.
The Embedded Processing segment involves handling specific tasks and can be optimized for various combinations of performance, power, and cost, depending on the application.
TXN stock has a weekly gain performance of 1.49% and 6.85% monthly and 11.05% yearly. Analysts are maintaining a a buy rating on TXN.
What TXN Stock Suggests On Short Term Charts?
On the 4-hour charts, TXN stock is trading near the resistance mark of $185, where investors keep an eye on every move and wait for a breakout. On the other hand, sellers are trying to push the buyers and attain a firm grip, leading to an intense battle between the bulls and the bears.
The RSI curve stayed in the buying region near 60 and showed a positive crossover in the last session, which suggests further buying indications.
The MACD indicator initiates a bullish crossover, and green bars are reflected on the histogram suggesting buyers’ accumulation on the charts.
Conclusion
Texas Instruments (TXN stock) is all set for a decisive move, and buyers are preparing their muscles to execute the rally in the upcoming sessions.
Technical Levels:
Support Levels: $178
Resistance Levels:$187 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/22/txn-stock-price-upsurge-close-to-register-breakout-above-185/