23 days ago • Posted by Ajmir Omid

TSMC breaking out on strong volume. $TSM #stock up 10% YTD #chips #semis #trading

Taiwan Semiconductor Manufacturing Company is starting the year strong as investors are building their portfolios. The stock broke its 1st year-long resistance level around USD125.5 to close on Tuesday at USD133.4, up 10%  YTD, backed by high volume.

Rapid changes in the automotive, health and computing industry have raised world demand for advanced chips to a level that the current supply cannot meet, leading to global chip shortages which have caused prices to soar. TSMC as the largest semi producer in the world is well positioned to capitalize on the back of these strong fundamentals. Analysts expect the company to further grow sales and EPS by 19.5% and 19.6% respectively in 2022. The average consensus price target for TSMC is USD146.4, according to the WSJ.