themarketzone
Short

Is it really heading to 21 as analysts suggest?

NASDAQ:TSEM   TOWER SEMICONDUCTOR LTD - ORDINARY SHARES
Lately, several analysts upgraded Tower's price to 21$
Since the upgrade, $TSEM's price experienced strong rally that pushed it into a major weekly resistance zone that consists of three elements:
1. Broken uptrend line - Now resistance
2. 18 & 50 Weeks MAs - Strong MAs resistance
3. Minor structure zone

As long as $TSEM stays below 14-15$, it has potential to decline all the way lower to 10$ to complete a 61.8 Fib retracement.
The confirmation signal will be if $TSEM will close below 13$ again.

Even if $TSEM will break out of 15$, resuming its trend, it still has to face the top of the Triangle pattern that created major bearish waves in the past... so I can't see how ANYONE can say that $TSEM will reach 21$ from the current positions its at.

I'm bearish on $TSEM as long as it stays below 15$ and I'm showing in the chart my mid-term potential short

Read the complete blog post on my Blog - http://goo.gl/FyAcji
Comment: Short target closed as stock reached target zone
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