Taiwan Semiconductor Stock Trying To Close In On Key Technical Benchmark

On Wednesday, Taiwan Semiconductor (TSM) stock earned an upgrade to its Relative Strength (RS) Rating, from 67 to 78.

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When you’re researching the best stocks to buy and watch, be sure to pay attention to relative price strength.

IBD’s unique RS Rating identifies technical performance by showing how a stock’s price movement over the last 52 weeks measures up against that of the other stocks in our database.

History shows that the market’s biggest winners often have an RS Rating of at least 80 in the early stages of their moves. See if Taiwan Semiconductor stock can continue to show renewed price strength and clear that threshold.

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Is Taiwan Semiconductor Stock A Buy?

Taiwan Semiconductor stock  has been rallying off the bottom, retaking its 200-day moving average last Friday. The chipmaker stock is not currently near a potential buy zone. See if the stock goes on to form a chart pattern that could launch a new move.

The chipmaker reported 60% earnings growth in its most recent report, while sales growth came in at 29%.

Taiwan Semiconductor stock earns the No. 9 rank among its peers in the Electronics-Semiconductor Manufacturing industry group. STMicroelectronics (STM) and Amkor Technology (AMKR) are also among the group’s highest-rated stocks. For more industry news, check out “Chip Stocks To Watch And Semiconductor Industry News.”

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