Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) is announcing its second-quarter earnings on Thursday. Wall Street expects $1.38 in EPS and $20 billion in revenues as the company reports before market hours.
The stock is up 67.23% over the past year, +69.12% YTD.
Let’s look at what the charts indicate for Taiwan Semiconductor (aka TSMC) stock, and how the stock currently maps against Wall Street estimates.
TSMC Price Charts Bearish Ahead Of Q2 Earnings
Taiwan Semiconductor stock faces a moderately bearish trend with ongoing selling pressure, indicating potential future bearish movement.
Chart created using Benzinga Pro
The share price stands at $174.70, quite below the 8-day SMA of $185 and slightly below its 20-day SMA of $179.07, signaling a bearish trend.
However, the stock is trading above its 50-day SMA of $165.66 and 200-day SMA of $127.10, all indicating bullish signals for medium to long-term prospects.
Chart created using Benzinga Pro
The MACD indicator is positive at 5.31, reinforcing a bullish outlook. The RSI is at 48.65 and treading downwards, suggesting the stock is likely heading towards oversold conditions.
The Bollinger Bands (25) ranges of $164.26-$191.12, with the stock trading in the upper bullish band, indicating bullish sentiment as well. Overall, while short-term indicators show bearish pressure, the longer-term technicals reflect strong bullish support for TSM.
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TSMC Analysts See 25% Upside
TSM Price Action: Taiwan Semiconductor’s stock was trading down 6.72% at $175.53 at the time of publication Wednesday.
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