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Taiwan Semiconductor Manufacturing Rises 1.30% on Heavy Volume: Watch For Potential Pullback

By Nick Russo

Taiwan Semiconductor Manufacturing (NYSE:TSM) traded in a range yesterday that spanned from a low of $32.71 to a high of $33.11. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $32.76 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Taiwan Semiconductor Manufacturing has traded in a range of $17.32 to $33.11 and is now at $33.03, 91% above that low. Over the last five market days, 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 January 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.71. Since that recommendation, shares of Taiwan Semiconductor Manufacturing have risen 6.1%. 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

Ticker(s): TSM