Wednesday 5 June 2013

TXN - first big decline in seven weeks

With the main markets seeing further weakness, Texas Instruments (TXN) closed -2.1% @ $35.87. There is near term support at the 50 day MA of 35.73, but if the main market fails to hold sp'1600, TXN is in danger of slipping back to the $33s


TXN, daily


Summary

TXN remains one of the better tech stocks out there. Very profitable, and it has been a market leader since last autumn, rising over 30%.

Today's drop of over 2% is clearly something of a major move, but it does nothing to dent the primary trend..which is still to the upside.

Only if TXN makes a few daily closes <$33, could the bigger picture perhaps be turning to the downside.