Look for Shares of Taiwan Semiconductor Manufacturing to Potentially Rebound after Yesterday's 4.02% Sell Off
Taiwan Semiconductor Manufacturing (NYSE:TSM) traded in a range yesterday that spanned from a low of $29.52 to a high of $30.93. Yesterday, the shares fell 4.0%, which took the trading range below the 3-day low of $30.51 on volume of 9.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
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 28.0%. We continue to monitor TSM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Taiwan Semiconductor Manufacturing share prices have moved between a 52-week high of $31.48 and a 52-week low of $17.32 and are now trading 74% above that low price at $30.07 per share. The 200-day and 50-day moving averages have moved 0.05% higher and 0.05% lower over the past week, respectively.
Keywords: rebounders taiwan semiconductor manufacturing