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