Look for Shares of Taiwan Semiconductor Manufacturing to Potentially Pullback after Yesterday's 3.63% Rise
Taiwan Semiconductor Manufacturing (NYSE:TSM) traded in a range yesterday that spanned from a low of $29.87 to a high of $30.12. Yesterday, the shares gained 3.6%, which took the trading range above the 3-day high of $29.27 on volume of 4.2 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, Taiwan Semiconductor Manufacturing share prices have been bracketed by a low of $17.32 and a high of $30.55 and are now at $30.00, 73% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-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 18.1%. 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