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- 1 TXN stock has been consolidating and preparing for a breakout to reach the $180 mark.
- 2 TXN shares are trying to recover from 20-EMA to reach the 50, 100 and 200-days daily moving averages.
- 3 Texas Instruments Inc. (NASDAQ: TXN) stock gained 3.03% in a year.
TXN stock price needs to escape the consolidation phase in order to reach the $180 mark over the daily time frame chart. However, sellers have been continuously pulling TXN shares downwards from the recovery level. Meanwhile, buyers tried to push TXN share price above $180 mark in July 2023, but TXN shares failed to sustain and slipped instead. After that, TXN shares got stuck inside the consolidation phase in August 2023 and has been consolidating till now.
TXN share price needs to attract more buyers in order to escape from the consolidation phase. However, currently sellers’ are trying to pull TXN stock towards the lower trendline of the consolidation phase.
TXN stock price was at $168.05 and has lost 1.00% of its market capitalization during Wednesday’s trading session. Trading volume needs to grow during Thursday’s trading session.
Will TXN Stock Price Recover Above $180 Mark?
Texas Instruments Inc (NASDAQ: TXN) stock has been stuck inside the horizontal price range of $163.93 and $171.55 over the daily time frame chart. TXN stock needs to attract buyers during Thursday’s trading session to push the stock price towards the upper threshold. Meanwhile, TXN shares are trying to recover from 20-EMA to reach the 50, 100 and 200-days daily moving averages.
TXN stock price has gained 0.92% in a week but lost 0.78% in a month. Moreover, TXN share price slipped around 2.90% in the last three months and 3.97% in the last six months. TXN share price managed to recover around 0.50% year to date.
Technical indicators suggest TXN share is in a consolidation phase. Relative strength index and moving average convergence divergence both confirm the sideways momentum of TXN shares.
RSI was at 45 and is heading towards the oversold territory. The MACD line is above the signal line waiting for any type of crossover. Investors in Texas Instruments Inc. (NASDAQ: TXN) needs to wait until TXN share price sustains at the primary resistance level of $171.55.
Summary
TXN stock price needs to escape the consolidation phase in order to reach the $180 mark over the daily time frame chart. TXN stock needs to attract buyers during Thursday’s trading session to push the share price towards the upper threshold. TXN share price managed to recover around 0.50% year to date. Technical indicators suggest TXN share is in a consolidation phase. Investors in Texas Instruments Inc. (NASDAQ: TXN) must wait until TXN share price sustains at the primary resistance level of $171.55.
Technical Levels
Support Levels: $166.45 and $165.50
Resistance Levels: $171.55 and $176.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
