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SmarTrend Watching for Potential Pullback in Shares of Taiwan Semiconductor Manufacturing After 2.14% Gain

By Shiri Gupta

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.

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.

Over the past year, Taiwan Semiconductor Manufacturing has traded in a range of $17.32 to $30.55 and is now at $30.07, 74% above that low. 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

Ticker(s): TSM