TSM monthly chart is trading in a range. By watching price action within this range can give us some insight about how TSM will likely act in the future.Fundamentally, it is a great stock with strong competitive advantage, our fundamental outlook would be buy.
In the monthly range, we see 2 selling pressure bar and 3 buying pressure bar -> bears and bulls fighting out. We see 3 wicks bouncing off $108 level, this shows strong bull defense and foreshadows a breaking up out of the range. Traders should lean bullish when we can up to the upper range.
However if $108 broke we can expect those stubborn bulls to aggressively selling off. My plan right now is to wait for price to get to the upper range and watch for a handle pattern and trade long.
Kidze
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Kidze
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.