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.
(Watch: Top tech trends for 2014)
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.
(Check out: Another good year for the markets?)
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.
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