Taiwan Semiconductor Manufacturing Set to Possibly Pullback After Yesterday's Rally of 3.63%
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.
Taiwan Semiconductor Manufacturing share prices have moved between a 52-week high of $30.55 and a 52-week low of $17.32 and are now trading 73% above that low price at $30.00 per share. 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