After Yesterday's Rally of 2.14% Shares Could Potentially Pullback
Taiwan Semiconductor Manufacturing (NYSE:TSM) traded in a range yesterday that spanned from a low of $29.97 to a high of $30.55. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $29.72 on volume of 7.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Taiwan Semiconductor Manufacturing have traded between a low of $17.32 and a high of $30.55 and are now at $30.07, which is 74% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Taiwan Semiconductor Manufacturing on May 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.49. Since that recommendation, shares of Taiwan Semiconductor Manufacturing have risen 20.4%. We continue to monitor TSM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders taiwan semiconductor manufacturing