Nearest Resistance: $33
Nearest Support: $31.50Catalyst: Earnings Semiconductor firm Texas Instruments (TXN) comes up first on our list of most-searched stocks this week, coming off the heels of the firm's first quarter earnings call after the close yesterday. The company reported earnings of 22 cents per shares, besting Wall Street's expectations of 17 cents. In spite of a relatively small percentage change from yesterday, TXN is actually making a fairly broad swing in this afternoon's session -- one with big technical implications. Texas Instruments has been trading in a sideways channel for the better part of 2012, and today's earnings reaction is forcing a test of support at $31.50. So far, TXN is holding up above $31.50 -- a very good thing for shareholders of this stock; a breakdown below that support level would spur a short signal in TXN. Even though support's holding and earnings were positive yesterday, I'd recommend sitting on the sidelines at least until shares can overcome resistance at the 50-day moving average. That level has acted as a sort of ceiling for shares in the past. Texas Instruments shows up on a list of 5 Chip Stocks JPMorgan Likes.
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