Taiwan Semiconductor stock upgraded to Strong Buy Candidate.
(Updated on Dec 08, 2023)
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The stock has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $100.18, a level that may pose a second chance to hit a runner. According to fan-theory $108.35 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
TSM Signals & Forecast
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 $98.15 and $94.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, October 27, 2023, and so far it has risen 16.70%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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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.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.43 between high and low, or 1.44%. For the last week the stock has had daily average volatility of 1.52%.
Our recommended stop-loss: $96.90 (-3.44%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (TSM) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect Taiwan Semiconductor Manufacturing Company Ltd to open at $99.89, and during the day (based on 14 day Average True Range), to move between $98.46 and $102.24, which gives a possible trading interval of +/-$1.89 (+/-1.88%) 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 3.77% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $97.44, some $2.91 (2.90%) from the current price of $100.35, our system finds the risk reward attractive.
Is Taiwan Semiconductor Manufacturing Company Ltd stock A Buy?
Taiwan Semiconductor holds several positive signals and has broken the strong rising trend up. As the stock is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.035 Open Broker AccountStrong Buy Candidate Upgraded
Predicted Opening Price for Taiwan Semiconductor Manufacturing Company Ltd of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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