Taiwan Semiconductor Manufacturing Co Ltd Stock Code TSM.NYS
Price tested the cloud in the past four days but was unable to move above the cloud. There was a gap resistance as well capping this price rally. In the previous trading session, a bearish Engulfing candlestick price pattern confirmed the end of the price rally and the start of a possible price decline. Conversion and Base lines had a bearish crossover earlier, hinting of a bearish price trend. Lagging Span is below price of 26 days ago and below the cloud, confirming the bearish price trend. MACD is bearish with both lines below the zero line. We think price is likely to decline to the previous price low at $107.20 in the next 2-3 weeks.
$114.80 Short Sell
$107.20 Price Target
$118.00 Risk Management Stop
3 weeks Trade Duration