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.