TSM - Taiwan Semi / Idea of the Day / $78.55 / $125 Target0. Looking at Taiwan Semiconductor at $78.55 here.
1. Starting a new "long term" position;
2. TSM is a leading indicator, and if it can follow the trajectory laid out for it, we might be going somewhere ;)
3. Looking for a bump and run pattern off the June 16th trendline;
4. Lots of buying points along the way to add to the position;
5. We will accumulate until we hit the 200 dma, looking at the breakout from the channel;
6. Then we could move into a full "long term" position;
7. Continued weakness could be concern for a market lower diamond boundary retest. Looking at 380 on the SPY;
8. Also watching XBI, if this can continue from today above it's trendline, the correction is over, and we chop our way back;
- drchelsea