Taiwan Semiconductor Manufacturing Company Ltd.NYSE
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TSM has continued its bullish uptrend since March following the rest of the stocks in its sector. In the past month, it has swerved past the $90 resistance that has been holding it down and continued an even steeper uptrend. The uptrend channel looks strong and has only shown weakness back in July. Surrounding the stimulus news and the fact that it has been a major player in helping Apple produce its own chips is what is moving this stock upwards. TSM has room for upside in my opinion but taking a long position right now might not be sustainable. The Fibonacci retracements show the closest support level is between $89-$93. Given the current market conditions along with vaccine news and stimulus, I would wait and see if the current uptrend holds. A drop to $89-$93 is what I am looking forward to in order to take a long position and set a stop loss limit at $80. My PT for 2021 is $130.