Taiwan Semiconductor stock looks like a good long entry on playing the seasonal rally in semiconductor stocks. Taiwan Semiconductor is the world’s largest producer of made-to-order microchips.
Taiwan Semiconductor reported that consolidated sales for the quarter rose 17.89 percent from a quarter earlier to NT$252.11 billion (US$8.26 billion), beating the 16 percent sequential increase the company projected in July. You can read more about TSM’s earnings report here.
Taiwan Semiconductor Stock
I would like to see Taiwan Semiconductor stock retrace a little before taking a long entry. There is a resistance zone just above the current price starting at $38.47. Right above this resistance zone may be a good entry point. There is a support zone below the current price at $37.77, a stop order could be placed below this zone.
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