TXN overbought

TXN has moved into overbought territory on the money flow index. The macd continues in bull territory for the seventh day.

TXN has seen a smooth rise since Feb. 5, with only a single down day -- Feb. 17 -- when the price hit upside restance at around $25. This is an area of congestion that ran from November 2009 into January of this year. It was also the target of a downside gap in a major earnings-inspired price break on July 23, 2008.

So $25 means a lot in the history of TXN -- there's much disgruntled money there that will use that point to get out of the stock -- and a retracement to the downside would not be unreasonable.

TXN has been trading sideways, more or less, since August. Support is at $22.30, giving 10.8% of room to the downside.

The financials for this company are fairly bad, and the analysts marginally better. So its the kind of stock I would play for the short run only, where fundamentals count for less.

Topics:
Texas Instruments semiconductors.