Technical Analysis of Financial Markets

Friday, October 27, 2006

Texas Instruments, Inc. (TXN) - Head & Shoulders

Texas Instruments seems like it has formed a possible bearish Head & Shoulders top pattern. Neckline support at $31 was broken on Tuesday when the chipmaker announced disappointing sales. A current retest of the Neckline is serving as resistance. Enter short-sell position now near $31 for a possible price target towards a Gap support at $28.50 or a Gap fill at $28. Stop-loss: close above $31.

No comments: