Watch for Taiwan Semiconductor Manufacturing to Potentially Pullback After Gaining 1.78% Yesterday
Taiwan Semiconductor Manufacturing (NYSE:TSM) traded in a range yesterday that spanned from a low of $28.61 to a high of $29.16. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $29.04 on volume of 3.5 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 68% above that low price at $29.13 per share. 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 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 16.9%. 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