While all eye have been fixated on new tech names like Facebook, Tesla and Netflix, quietly, some old-school tech stocks are staging impressive rallies of their own. And one of those companies is catching the attention of a Wall Street legend: Texas Instruments.
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Ralph Acampora is a veteran investor who's made money in all types of markets. His specialty is technical analysis, and his expertise has earned him the moniker "The Godfather of Technical Analysis." He literally scans through thousands of charts, so it might be surprising that he would choose Texas Instruments, which seems downright unexciting when compared to the likes of a Google or Apple, as his top pick. But the chip giant has been on a decidedly new school rally, rising nearly 50-percent in the last year. And according to Acampora, the run has just begun.
"This is a textbook breakout," Acampora told Talking Numbers.
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Acampora's enthusiasm centers around the Texas Instrument's chart. According to Acampora, the stock is about to break out of a long term resistance level at $43. This is the third time the stock has hit that level in the past decade, and to Acampora, that is bullish price action. Moreover, the stock has a formed a strong double bottom at around $15 and has shown all the hallmarks of a bearish to bullish reversal. "It's beautiful chart," said Acampora.
So how much higher does Accampora see Texas Instruments going? Click the video to find out.