Taiwan Semiconductor ADR may rise to 192.20 - 198.30

Our pivot point stands at 162.4.

Our preference

The upside prevails as long as 162.4 is support.

Alternative scenario

Below 162.4, expect 152.1 and 146.2.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 159.948 and 148.575).

Supports and resistances

204.5 **

198.3 *

192.2 **

186

172.51 (USD-last)

166.4

162.4 **

152.1 *

146.2 **

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