Stronger technical forecast for Taiwan Semiconductor stock price after Friday trading.
(Updated on Dec 01, 2023)
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The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 11.40% during the next 3 months and, with a 90% probability hold a price between $102.65 and $112.84 at the end of this 3-month period.
TSM Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, November 20, 2023, and so far it has fallen -1.41%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Taiwan Semiconductor stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $98.06 and $93.60. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Taiwan Semiconductor stock
Taiwan Semiconductor finds support from accumulated volume at $97.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.76 between high and low, or 1.81%. For the last week, the stock has had daily average volatility of 1.46%.
Our recommended stop-loss: $94.85 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (TSM) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Taiwan Semiconductor Manufacturing Company Ltd to open at $98.12, and during the day (based on 14 day Average True Range), to move between $96.64 and $100.46, which gives a possible trading interval of +/-$1.91 (+/-1.94%) up or down from last closing price. If Taiwan Semiconductor Manufacturing Company Ltd takes out the full calculated possible swing range there will be an estimated 3.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $98.80 (0.25%) than the support at $97.44 (1.13%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Taiwan Semiconductor Manufacturing Company Ltd stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Taiwan Semiconductor stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.631 Open Broker AccountBuy Candidate Upgraded
Predicted Opening Price for Taiwan Semiconductor Manufacturing Company Ltd of Monday, December 4, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 4, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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