Taiwan Semiconductor Manufacturing Company (TSM) saw its shares climb during the latest intraday trading session, riding a short-term corrective wave higher. The stock’s upward movement was supported by its position above the 50-day Simple Moving Average (SMA) and a successful alleviation of overbought conditions in the Stochastic oscillator. With these technical factors in play, analysts anticipate further gains if key support levels hold.
Key Points
TSMC’s stock is benefiting from a renewed bullish impulse in the short term, trading in line with its current trend line. This alignment suggests continued upward potential.
The stock’s position above the 50-day SMA reinforces positive momentum, indicating underlying strength in the current price action.
Recent trading activity successfully worked off overbought conditions in the Stochastic oscillator, removing a potential obstacle for further gains.
The next significant resistance level sits at $182.90, which could come into play if the upward momentum persists.
Critical support at $166.95 must hold to maintain the bullish scenario, as a break below this level could signal weakness.
Conclusion
TSMC shares appear poised for additional upside as technical indicators align favorably. While the 166.95 support closely. Maintaining this floor could pave the way for continued gains, though market participants should remain alert to any shifts in momentum that might alter the current technical outlook.
Related topics:
