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 - goo.gl/FyAcji