TSM.US: buying opportunities

Date: 06.3.2017
Tool: TSM.US - Taiwan Semiconductor Manufacturing Company Limited

The share price is in an uptrend and is currently correction to horizontal and diagonal levels of support. The price has tested 50% Fibonacci retracement of the latest bullish wave where the level coincides with 50SMA.
Fundamentally the company introduced fairly good financial indicators such as EPS, P/E and sales increased with each passing year. Net profit is also growing over the past five years.

Technical analysis:

Price horizontal and diagonal support - a positive signal
Price Action: Pin bar support levels - a positive signal
Indicators: 50SMA above 200SMA - positive price, CCI(50) above 0 - positive outlet for the price, CCI(14) - still gives no signal.

Entry: There are two types of input. Aggressive and conservative now in correction of 50% of the pin bar.
SL: 29.60

Alternative scenarios: if the price went below the diagonal support levels and remain there, the positive scenarios for the development of the price dropped and is more likely to observe a decline in the share price.

Jr_Trader_P_Milanov

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