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Taiwan Semiconductors Manufacturing Company LTD. (NYSE:TSM) shares are trading lower Thursday morning after the company announced second-quarter financial results.
The company reported quarterly earnings in line with the estimate at 93 cents per share. The company reported quarterly revenue of $13.29 billion, beating the estimate of $13.17 billion.
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Taiwan Semiconductors was down 5.4% at $117.59 at last check.
Taiwan Semiconductors Daily Chart Analysis
- Shares are forming into what technical traders could call a pennant pattern and could break out within the next month or so.
- The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock has recently had bullish sentiment.
- Each of these moving averages may act as support in the future.
Key Taiwan Semiconductors Levels To Watch
- The pennant pattern began forming in December 2020, and may see a breakout within the next month or two if pattern resistance can be broken.
- The price will likely continue to be condensed between narrowing highs and lows until the stock is able to break above the pattern support or resistance and possibly see a strong move in the same direction.
- The Relative Strength Index (RSI) has been falling lately and sits below 50. The RSI is sitting at 49 meaning there are now slightly more sellers than buyers in the stock.
What’s Next For Taiwan Semiconductors?
Bulls would like to see the stock continue to trade within the pennant pattern until it's able to break above pattern resistance. Bulls would then like to see a break of pattern resistance and see the stock breakout with a large bullish move.
Bears would like to see the stock break below the pattern support. If pattern support can be broken and the stock is able to break below the moving averages, then the stock may be subject to see a large downwards move and a change in sentiment.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.