TSM about to go thud.
Here we have the weekly bars. It clearly shows that TSM has quite a lot of fat on it's bones as evidenced by the 200MA. Normally, I'd give this pattern a pretty good chance at forming a cup and handle, but I think the market is intent on breaking that handle right the hell off. It's reasonable to expect it to retrace down to either the MA or more likely just to the support line around $108. If you chart out the daily bars it'll show you a similar scenario, albeit less clear than the weekly bars.
I think the market in general is selling earnings releases regardless of what they say. This is evidenced by TSM's recent earnings statements which were sold. It reminds me of a "pump and dump" where the stock is ran up with the full intent of unloading it to unsuspecting buyers who think it'll respond favorably to the good earnings release.
I think the market in general is selling earnings releases regardless of what they say. This is evidenced by TSM's recent earnings statements which were sold. It reminds me of a "pump and dump" where the stock is ran up with the full intent of unloading it to unsuspecting buyers who think it'll respond favorably to the good earnings release.
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Lookin' good. Let it ride.