CFD Trading – Sell Taiwan Semiconductor Manufacturing (TSM.NYS) @ $113.70. Stop @ $120.90 and Target @ $95.00

Taiwan Semiconductor Manufacturing Co Ltd Stock Code TSM.NYS

Outlook
Price broke below the cloud on last Thursday and closed below the cloud for a second consecutive day last Friday. This could be a sign that the bullish trend starting from 2 June 2020 had come to an end. Conversion and Base lines had already had a bearish crossover earlier, hinting of the bearish trend. Lagging Span is below price of 26 days ago but is above the cloud, unable to confirm the bearish trend. MACD is bearish with both lines moving away from the zero line and lower. We think price is likely to move lower to the support at $94.70 in the next 2-3 weeks.

Strategy                  
$113.70              Sell
$95.00                Price Target
$120.90              Risk Management Stop
3 weeks              Trade Duration

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