TXN pulls back

Semiconductor giant TXN is showing the same pull back from a high as the sector's etf SMH did, a few days after moving into overbought territory.

TXN is trading this morning at $24.21. The price pattern gives it more room to move than SMH had, as noted in my earlier report. Support is running from $23.50 to $22.50, giving the price about 5% of an easy run down.

The longer term pattern, like than of SMH, can be interpreted as either a downtrend from the high of $27 set in December, or part of a broad sideways move dating back to July 2009, with a brief December overshoot.

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Topics:
Texas Instruments semiconductors.