We reviewed Texas Instruments (TXN) on Wednesday, and we said, "Bottom line: One hundred dollars is a nice round number, and sometimes round numbers can act as resistance. TXN has made a strong runup and a period of sideways consolidation would be in order before our $125 and $135 price targets are reached." With the broad equity market on a "triple-digit" romp today, it might pay to revisit some of the tech names that were pummeled yesterday.
In this daily bar chart of TXN, below, we look at just the last three months to zoom in on the recent price action. Prices have not broken below yesterday's low, which I consider a very short-term positive. In the same breadth, prices have not strongly retraced more than half of the decline on Wednesday. Stalemate. A new high close above $100 will refresh the uptrend and probably put us on a path to our $125 and $135 price targets.