Taiwan Semiconductor ADR may rise to 176.90 - 182.30

Our pivot point stands at 149.8.

Our preference

The upside prevails as long as 149.8 is support.

Alternative scenario

The downside breakout of 149.8 would call for 140.9 and 135.6.

Comment

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 147.3235 and 142.0468).

Supports and resistances

187.7 **

182.3 *

176.9 **

171.4

160 (USD-last)

153.3

149.8 **

140.9 *

135.6 **

Number of asterisks represents the strength of support and resistance levels.