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Possible Bearish Inside Day Candle Pattern Detected for Texas Instrument (NASDAQ:TXN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Texas Instrument (NASDAQ:TXN) based on the price action in the company's shares. Today's price range of $97.20 and $98.13 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Texas Instrument may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 23.6% exists for Texas Instrument, based on a current level of $97.22 and analysts' average consensus price target of $120.19. The stock should run into initial resistance at its 50-day moving average (MA) of $102.82 and subsequent resistance at its 200-day MA of $107.54.

Over the past year, Texas Instrument has traded in a range of $87.90 to $120.75 and is now at $97.22, 11% above that low. The 200-day and 50-day moving averages have moved 0.36% lower and 1.36% lower over the past week, respectively.

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments serves customers worldwide.

SmarTrend is monitoring the recent change of momentum in Texas Instrument. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Texas Instrument in search of a potential trend change.

Keywords: bearish inside day candle texas instrument

Ticker(s): TXN