2330 trade ideas
$TSM Taiwan Semiconductor Manufacturing Company +200dmaTSM is looking quite positive on the charts. After correcting from $142 all the way down to $108, the stock managed to print a double bottom at 108 and hold higher. The stock is now also starting to make higher highs and higher lows on the daily which is bullish. Most recently we bounced just above the 200dma and the 50dma is starting to turn higher, still trading above its 200 day moving average. I kind of like the look of this setup..
$TSM with a Neutral outlook following its earnings #Stocks The PEAD projected a Neutral outlook for $TSM after a Negative Under reaction following its earnings release placing the stock in drift D
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TSM breakout + measured move The chart shows a descending triangle, with a breakout.
The breakout yesterday and today, have been on strong intraday volume.
A measured move can be made by adding the height from the double bottom (purple circles), to the area of the breakout. Using the green arrows to represent the potential move, which takes us to $152 approximately. Which is coincident with the extended move of the fibonacci retracement lines at 61.8%.
$135 and $142 are potential resistance zones, where we could see some profit taking.
Symmetrical Triangle - TSMBig symmetrical triangle forming on TSM
- Buyer volume starting to pick up again relative to seller volume
- EMA's are all starting to curl upwards (not pictured)
- Bollinger Bands are squeezing
- Will be looking for a breakout at the end of this triangle (broader market conditions permitting)
TSM semi conductor playTSMC is providing chips for AAPL and AMD until they can get their chip shortage under control. A clear winner in the current sprint to catch up, but maybe not for the marathon. American companies should be getting funding in infrastructure bill to help them get ahead in the future, but for now I think this play is the best one. RSI & MACD are currently flat while it continues out of it's consolidation pattern. A break and hold over 121.50 would indicate a retracement of previous run up and track up to target prices of 126/128/131/138 and eventually breaking the ATH of 142.20
My View on TSMTSM is good to buy and hold. I expect that TSM breakout the trendline and touch the previous high (17% gain). Stoploss below 112 (5-6% loss)
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This is not financial advice. I'm not a Financial Advisor.
Trading is a high risk, do your own DD.
Let me know what you think
Cheers, I would share all my thought next time.
PEACE.