Review
Before yesterday’s market close, shares of Taiwan Semiconductor Manufacturing Company rose 10.52%. In pre-market trading, the share continued to move upwards today with +0.55%. In the ongoing downtrend, the share price last marked a low at around $59.43 and has since risen by almost 34% at times. The reason for the increase was the news that star investor Warren Buffet has recently invested in the semiconductor manufacturer with his company Berkshire Hathaway. The total amount of the share purchase is a whopping 4.1 billion US dollars.
Current
The current price jump of almost 11% has brought a short-term positive change to the chart picture. The ongoing downtrend was broken with the last rise to almost $83.00 on November 10. Thus, the approach of a medium- to long-term recovery movement was formed. In the process, the price has secured a relevant support in the area around $74.35. The next resistance can be identified in the area of $90.45. Should the price stay above the support after the market opening and respect it, this can be interpreted as a bullish signal and further rises towards $90.00 could take place. Otherwise, the price could fall back to support. If this is breached, we could see a further descent towards $60.00. A third possibility would be a sideways movement in the $80.00 area.
