Hello Traders,
Today I am covering TSM on a chart analysis...There is no fundamentals on this yet but here goes...Over the last year TSM has been in a consolidation phase which spiked in Jan of this year...Since that spike we are down 28% and have broke a very important support line at the $108ish area to the downside... We are sitting in -MACD with separation from the 9 EMA signal line as well as a bounce off of the 30 RSI overbought levels with a cross of the signal line to test the 50 RSI...What I see materializing IMO is that this retests the support turned resistance line at the $108ish area...If this breaks up then we wait BUT if this breaks down from this point we definitely move in to fill the GAP starting at the $95ish area with a potential move to the downside of 12 to 24% based on price targets...Let me know what you think in the comments below...Happy Trading!!!!!!
Today I am covering TSM on a chart analysis...There is no fundamentals on this yet but here goes...Over the last year TSM has been in a consolidation phase which spiked in Jan of this year...Since that spike we are down 28% and have broke a very important support line at the $108ish area to the downside... We are sitting in -MACD with separation from the 9 EMA signal line as well as a bounce off of the 30 RSI overbought levels with a cross of the signal line to test the 50 RSI...What I see materializing IMO is that this retests the support turned resistance line at the $108ish area...If this breaks up then we wait BUT if this breaks down from this point we definitely move in to fill the GAP starting at the $95ish area with a potential move to the downside of 12 to 24% based on price targets...Let me know what you think in the comments below...Happy Trading!!!!!!