Stock of the day: Texas Instruments

In today’s Stock of the day, we revisit Texas Instruments, which is hitting new long-term highs. On July 11th, we noted a bullish outlook for Texas Instruments, and this sentiment remains strong. Following the breakout from the green symmetric triangle, the price surged upward. Initially, there were concerns about a potential downswing due to the formation of a triple top pattern marked with orange. However, sellers couldn’t break the blue neckline of this pattern, allowing the price to climb significantly and breach the red resistance, setting new long-term highs.

This decisive action has invalidated the triple top pattern, reinforcing the bullish sentiment for Texas Instruments. The ability to overcome these resistance levels showcases the strength of the current trend. As the price continues to set new highs, investors can remain optimistic about the upward momentum. The failure of sellers to gain control and the subsequent rally indicate strong demand and positive market sentiment for Texas Instruments.

In summary, Texas Instruments has demonstrated robust bullish momentum, overcoming potential bearish patterns and setting new highs. The invalidation of the triple top formation and the sustained breakout above key resistance levels suggest that the positive trend is likely to continue. Investors should watch for continued strength as Texas Instruments maintains its upward trajectory.