Texas Instruments causes a chip wreck, and technician warns there could be more pain coming $TXN $SMH (via TradingNation)
The chipmaker continued its tumble Wednesday following an earnings report that sent the stock careening Tuesday after the bell, dragging the VanEck Vectors Semiconductor ETF down nearly 2% at $121.30 as it became the ETF's worst-performing stock of the day.
"[We've] started to see a lot of signs slowing down in this group, and after a 40% run since last December, it's never a great sign to see a leading group like this start to wane," he said Wednesday on CNBC'sNewton pointed out that an ominous "ending diagonal triangle" pattern is starting to appear in a chart of the SMH. This, paired with waning momentum, has Newton looking at the $115 level on SMH.
And the $115 price level is also the exact level Newton is eyeing on the chart of Texas Instruments as well. While the chart may be "holding its uptrend" for now, a break below $115 would spell trouble for the stock, he said. It closed Wednesday at $118.95, down 7.5%, but was up nearly 1% in Thursday's premarket.
However, she believes in a broader "secular story" that still dominates the narrative around the chip stocks.
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