Technical analysis: TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY (#TSM)

Taiwan Semiconductor Manufacturing Company, Limited is a Taiwanese multinational semiconductor contract manufacturing and design company.

TSM after a strong growth that led the stock to reach the high of $ 142.95 has been retracing till the low of $108.00.

What initially could look like as a descending triangle, it has lately reversed into what could be the beginning of an upside move.

• The bearish trendline has been broken and re-tested by the last two candles

• The MACD has crossed to the upside, a move above 0 would confirm the positive momentum

• The RSI has regained steam, bouncing back from the oversold territory
  

We might expect the stock now to consolidate between $115.00 e $ 120.00: this would allow the indicators to stabilise and support a bullish move in the short term.

Entry range: $ 116.00 - $ 119.00

Target 1 $ 124.00

Target2 $ 135.00

Stop loss $ 107.00

OTB Global Investments

27 Agosto 2021