TSM INV H&S- Weekly CallsNYSE:TSM - 4h showing an inverse head and shoulder patterns signaling a flip from sellers in control to buyers in control leading me to believe she can see more continuation throughout the week if 4h can continue to hold up healthy bullish price action. Will be looking ot take intraday breakouts to the upside throughout the week. Not so much interested in shorts at all UNLESS 4h happens to flip back bearish and begins to head for that GAP below.
Tsmsignals
TAIWAN SEMICONDUCTOR has one last Low to give.Taiwan Semiconductor Manufacturing Company (TSM) broke last month above the long-term Channel Up and immediately pull-back. So far it has been almost 1 month of sideways trading supported by the 1D MA50 (blue trend-line), which has been holding since November 02 2023.
The 1D RSI is on a Channel Down, i.e. a Bearish Divergence and every time it formed this within the Channel Up, the stock corrected to at least the 1D MA200 (orange trend-line) by -18.73%. This time the 1D MA200 is considerably higher, so with this Bearish Divergence giving more probabilities to extending the pull-back, we do expect one last Low but not as strong as the previous corrections.
This time a -18.29% decline from the top would make a healthy test of the 1D MA100 (green trend-line), good enough to continue the long-term bullish trend with new buyers in the market. The 1D MA50 break, would be the confirmation. As a result, we are now set a short-term target on TSM at $129.00.
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